AFSL requirements are continually evolving as ASIC updates its guidance, increases regulatory scrutiny, and pursues enforcement action.
For auditors, staying across these developments is critical. Changes in licensing conditions, financial requirements, and ASIC expectations directly affect how auditors assess compliance, evaluate risk, and design effective audit procedures.
This session will provide a practical and up-to-date overview of current AFSL obligations, ASIC priorities, and what they mean for audit practice. Through examples and clear guidance, auditors will gain greater confidence in evaluating compliance and designing effective audit responses.
This session will:
- Provide an overview of recent ASIC developments, reviews, and enforcement trends affecting AFSL holders
- Explain the key requirements of RG 166 – AFS Licensing: Financial Requirements, with a focus on Base Level requirements applicable to non-exempt licensees
- Clarify how these requirements apply in practice, including common areas of challenge for licensees
- Outline practical audit procedures relevant to RG 166 and the key sections of FS 71, and
- Highlight common compliance risks and what good audit responses look like.
