130 paragraphs found
As part of the limited assurance procedures, the auditor may seek the following types of information and documentation: Copies of the RMS documents that set out the Licensee’s RMS during the period. Documentation that identifies and describes the systems, …
FS71 requires a statement about any matter referred to in section 990K(2) of the Act and covers the financial reporting period and up until the date the FS71 auditor’s report is signed. This section 990K(2) statement only deals with those matters that …
Reporting of section 990K matters is not required under section 13 of FS71 if the matter: Has already been reported separately by the auditor to ASIC; Is included in section 2-10 of FS71 as a basis for a modified opinion/conclusion; Is included in section …
Section 990K(2) requires a report to be given in relation to any matter that, in the opinion of the auditor: has adversely affected, is adversely affecting or may adversely affect the ability of the Licensee to meet the Licensee’s obligations as a …
If the auditor becomes aware of the matters under section 990K(2) during the course of the audit of the financial report, performing work on FS71 or undertaking other audit work (e.g. Managed Investment Scheme compliance plan audits), they have an …
Apart from the requirement to report section 990K(2) breaches in FS71, section 990K(1) requires auditors to report such breaches to ASIC (and the Licensee and any relevant market or clearing authority e.g. ASX for stockbrokers) within 7 days of becoming …
There is a potential conflict between the auditor’s obligation to report any breaches [22] and the Licensee’s obligation to report all ‘reportable situations’ to ASIC. An opinion or conclusion is not provided on the 990K statement in the FS71. The auditor …
As the section 990K(2) statement specifically covers both the financial year and the period between the end of the financial year and the date of signing the FS71 auditor’s report (unlike the other reporting requirements in FS71), the auditor is obliged …
Due to the nature of audit testing and other inherent limitations of an audit, together with the inherent limitations of the Licensee and its related licence conditions, there is a possibility that a properly planned and executed audit will not detect all …
There are also practical limitations in requiring an auditor to perform a continuous examination of the Licensee and form an opinion or conclusion that the entity has complied at all times with the Act during the period covered by the auditor’s report. …