Australian Financial Services Licensees (AFSL)
We provide independent audits for Australian Financial Services Licensees, conducted by a registered company auditor and tailored to applicable ASIC reporting requirements and licence conditions.
Audit Edge provides independent audit and assurance services to Australian Financial Services (AFS) licensees in accordance with the Corporations Act 2001, the Corporations Regulations 2001 and relevant Australian Securities and Investments Commission (ASIC) requirements.
AFS licensees have financial reporting and audit obligations that vary according to their licence, business activities and circumstances. ASIC Regulatory Guide 166 (RG 166), AFS licensing: Financial requirements, outlines the financial requirements applicable to licensees, including relevant solvency, net tangible assets and cash flow requirements.
Reporting requirements may include audits of financial statements and auditor’s reports on compliance with applicable financial requirements. Certain limited AFS licensees may be eligible to lodge an annual compliance certificate instead of an auditor’s report. Audit Edge examines relevant financial records, assesses compliance with applicable requirements and obtains evidence to support its audit conclusions.
How we help: We work with licensees and their accountants to clarify reporting obligations, identify the information required and coordinate the audit process to support an efficient and timely engagement.
What’s included
ASIC auditor’s report
Preparation of the required FS71 auditor’s report covering applicable financial requirements, financial risk management systems and the effectiveness of specified internal controls, including controls over client money where relevant.
Audit findings and recommendations
Clear communication of key audit findings and recommendations, including relevant observations on financial reporting, internal controls and compliance with the requirements covered by the audit.