Audits For AFS Licensees

AFS Licensees come under close scrutiny by their governing bodies, so their reporting must be accurate and up to date. Reporting requirements vary widely and a qualified auditor will ensure you comply fully and avoid time-consuming and costly delays to your licensing status.

Annual Australian financial services lodgements with ASIC

Each year, Australian financial services (AFS) licensees must lodge with ASIC their profit and loss statement and balance sheet (together with form FS70) and audit report (together with form FS71).

When to lodge

If the AFS licensee is:

  • Not a body corporate within 2 months after the end of its financial year – the financial year of an AFS licensee who is not a body corporate must end on 30 June. This means an AFS licensee who is not a body corporate must lodge by 31 August.
  • A body corporate that is a disclosing entity within 3 months after the end of its financial year – for example, if the financial year ends on 30 June, an AFS licensee which is a disclosing entity must lodge by 30 September.
  • A body corporate that is not a disclosing entity within 4 months after the end of its financial year – For example, if the financial year ends on 30 June, an AFS licensee which is not a disclosing entity must lodge by 31 October.

Appointment of auditor

Section 990B of the Corporations Act relates to auditor appointment for natural persons, partnerships, non-corporate trustees and proprietary companies which hold an AFS licence.

Unless listed in RG 166.13 or a ‘limited’ licensee (if the licensee is only licensed to provide one or more limited financial services and does not deal with money to which Division 2 of Part 7.8 of the Corporations Act applies) the financial services licensee must, within 1 month after beginning to hold the licence, appoint an auditor or auditors to audit the licensee’s financial statements:

  • A person or persons; or
  • A firm or firms; or
  • A person or persons and firm or firms.

Notice of appointment of auditor

Within 14 days after appointing the auditor, the financial services licensee is required to lodge a written notice together with the lodgement fee. Once appointed, an auditor will generally continue to hold office until they resign or are removed by the financial services licensee.

Call the City office of W Wen & Co to make your appointment with our ASIC registered auditor to help you comply with the requirements for AFS licensees.

How can we help you?

Reach out to discuss which options would work best for your needs.

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