130 paragraphs found
The auditor determines whether the Licensee has designed suitable controls for handling client monies in accordance with the requirements and designs procedures to test that those controls are operating effectively throughout the …
No controls are required to achieve compliance with Division 5 of Part 7.8 of the Act which makes provision for the regulations to impose reporting requirements in relation to money to which Division 2 or 3 applies, or to a Licensee dealing in …
Division 6 of Part 7.8 of the Act relates to financial records, statements and audit. The auditor determines whether the Licensee has suitable controls to meet the relevant requirements and then designs procedures to test that these controls are operating …
Division 7 of Part 7.8 of the Act (other than section 991A) relates to other rules about conduct in licensed markets. The auditor considers firstly whether the legislation is applicable to the Licensee. If the legislation is applicable, the auditor …
The FS71 audit report requires a combination of reasonable assurance opinions and limited assurance conclusions on the Licensee’s compliance with prescribed financial requirements and other relevant legislation. The auditor identifies the relevant …
Audit evidence for the matters requiring reasonable assurance may be gathered through a combination of enquiry and observation, tests of controls, substantive testing and representations from management. Audit evidence for the matters requiring limited …
ASIC requires reasonable assurance and limited assurance on the entity’s compliance with the Licensee’s financial requirements throughout the year, not just at year-end. Hence, evidence-gathering procedures will need to include an understanding of the …
If the Licensee has adopted Option 1 for the cash needs requirement or is subject to a tailored cash needs requirement, the auditor considers compliance throughout the period with the cash holding requirement in Part (e) of the Option 1 definition, or …
The auditor considers obtaining the cash flow projections throughout the relevant period and determines whether the cash flow projections are either: a projection of the Licensee’s cash flows over at least the next three months based on the Licensee’s …
The auditor obtains the Licensee’s documented assumptions used to prepare the cash flow projections and checks whether the assumptions have been correctly applied in preparing the projections. This may include ensuring that the documented assumptions on …