The regulatory and reporting landscape is constantly changing, and this is certainly true for holders of an Australian Financial Services Licence (AFSL). Every year we provide audit services to many AFSL holders, and would be happy to do the same for you.
It is an ASIC requirement for the audit to be completed and lodged within 3 or 4 months of the end of your financial year, depending on your category of licence. Further information is available on the ASIC website here.
An AFSL audit is completed in two parts. The first is an audit of the financial statements of the holder of the AFSL. This allows us to express an opinion whether the financial report is materially correct, and includes consideration that the financial report has been prepared, as a minimum, in accordance with all the recognition and measurement principles of the Australian Accounting Standards and ASIC Regulatory guide 85.
The second part of an AFSL audit relates to compliance with certain parts of the corporations act, for the purpose of allowing us to sign off on the ASIC form FS71.
This is a specialised area of audit practice, please contact us if we can assist you to meet your ongoing annual lodgement requirements.