130 paragraphs found
Based on the cash flow projections already obtained, the auditor considers whether there is evidence that the cash flow assumptions are not appropriately documented or that the projections do not demonstrate that the Licensee had access as needed to …
Based on reviewing the assumptions in line with the auditor’s knowledge of the business and on enquiries of management, the auditor considers whether there is evidence that the assumptions used are unreasonable. This may involve obtaining an understanding …
If the licensee relies on Option 2, the auditor reviews the reasonableness of the assumptions based on the auditor’s knowledge of the business and on enquiries of …
Under Option 3, where the Licensee does not prepare a cash flow projection, but instead relies on a financial commitment from an Australian ADI, or comparable foreign institution, (under licence condition 13(c)(iii)) the audit report is required to …
Where the Licensee is a subsidiary of an Australian ADI or ASICapproved prudentially regulated body that does not prepare cash flow projections, on the basis of its expectation concerning the adequacy of resources (under licence condition 13(c)(iv)), the …
Where the Licensee uses group cash flow projections to meet the cash needs requirement, on the basis of alternative A (under licence condition 13(c)(v)), the auditor is required to include an audit opinion on whether the parent entity has provided an …
In addition, when relying on the Group cash flow projections under licence condition 13(c)(v), the licensee auditor considers the requirement for the parent entity auditor to provide a separate opinion modelled on the Option 1 or 2 audit requirement and …
Where the Licensee relies on alternative B (under licence condition 13(d)(v)), the auditor’s report is required to contain a statement about whether the auditor has any reason to believe that the documented basis for selecting the assumptions, on which …
FS71 requires limited assurance on risk management systems (RMS) to ensure ongoing compliance with financial requirements. Section 912A(1)(h) of the Act requires the Licensee to have adequate RMS. To satisfy this obligation, ASIC expects that the RMS will …
ASAE 3150 requires the auditor to perform procedures to determine whether the Licensee has designed controls that are suitable to meet the requirements of section 912A(1)(h) in that they comprise adequate RMS and then designs procedures to test that these …