Many auditors undertake AFSL engagements. This session details the regulatory requirements of AFSLs, the risks and compliance issues ASIC identifies, and GS003 Assurance Relating to Australian Financial Services Licenses issued under the Corporations Act 2001.
Under ASA/ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment auditors must understand such matters as the industries they’re auditing, regulatory, and other external factors, and applicable financial-reporting framework.
This introductory session will cover:
- Who needs to hold an AFSL or a credit licence?
- What are requirements when holding a licence
- Regulatory guidance ASIC has provided
- What are auditors’ obligations?
- Complexities – groups and authorised representatives
- What enforcement actions has ASIC undertaken?
