AFS Licensees are required to lodge annual accounts and audit report using forms FS70 and FS71 in compliance with their licence conditions and their ongoing requirements of the Financial Services Reform (FSR) Act.

The audit of an AFSL comprises two key components. That being the audit of the financial statements and the AFSL compliance documentation. Our reporting requirements dictate we provide an assurance opinion on both components. As such, we will be required to request documentation to satisfy ourselves of the compliance with both components.

During the audit we will be required to meet with your responsible manager as well as any other relevant director or manager. At the conclusion of the audit we will discuss with you any issues arising prior to preparing our reports.

Our compliance audit will require we review a number of documents. Examples of documents we may request are:

• Representatives – appointment, training, supervision and monitoring
• ASIC reporting and lodgements
• Product research and approved products
• Client Service and advice
• Conflicts of Interest
• Financial Management & Audit
• AML CTF & Privacy
• Organisational Capacity – adequacy of resources and Responsible Managers
• Complaints & Breach Management
• Referrer appointments
• Outsourcing Arrangements
• Professional Indemnity Insurance
• Compliance Management
• Business Name and Documentation (FSG, ROA, SOA & Marketing)
• Tax Practitioners Board (TPB) & TASA
• Records Management
• Risk Management
• Technology Management

Lodgement dates are generally 31 October for 30 June year end for non-disclosing entities. However, can be earlier depending on the structure and reporting status.