ASIC review announcement expected Friday

The Abbott government is expected to announce later on Friday that the corporate watchdog will undergo its first audit in 17 years.

A review of the corporate watchdog, ASIC, is expected to be announced on Friday.

Assistant Treasurer Josh Frydenburg will announce the "capability review", the first audit of the Australian Securities and Investment Commission in 17 years, the Australian Financial Review reported.

The report would be finalised by the end of the year.