This session continues insights from the last GAAPinar series on AFSL requirements and audit guidance – Part 1. Session 9 will address recent ASIC guidance and enforcement actions taken against licence-holders and auditors.
We will examine what GS 003 Assurance Relating to Australian Financial Services Licenses issued under the Corporations Act 2001 requires auditors to do.
Specifically, we will look at:
- Terms of engagement
- Planning
- Materiality
- Auditor considerations relating to FS 71, and
- Base-level requirements applicable to all non-exempt AFS licensees (including relevant parts of RG 166 AFS licensing: Financial requirements).
We will discuss the relevance of ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements and ASQM 2 Engagement Quality Reviews.
