AFS Licensees must make arrangements to appoint an auditor that is a registered person or company, to audit the AFS Licensee's financial statements within one month after the AFS Licence was issued.
The appointed auditor must be eligible to act as the AFS Licensee’s auditor, which essentially means that, the auditor or their firm must be independent and free from pressure and influence.
ASIC consent for a change in a Licensee’s Registered Auditor is generally required before a new auditor can be appointed, unless the auditor becomes ineligible to act as an auditor of the AFS Licensee.
AFS Licensees are required to maintain financial records which correctly record and explain the financial position of the business and the transactions that the business undertakes. The records must enable true and fair Profit & Loss Statements and Balance Sheets to be prepared and conveniently and properly audited from time to time.
The statements must be lodged using Form FS70 within specific timeframes. The Registered Auditor must lodge the Audit Report using Form FS71 at the same time.
QNA Consulting Pty Ltd can assist in completing the required ASIC auditor appointments, consents and notification requirements. In addition, all audit and reporting requirements are clearly identified and addressed within the relevant Policy Library templates available.