25 paragraphs found
Section 285 of the Act imposes a responsibility on registered schemes, which includes mortgage schemes, to comply with the requirements of Chapter 2M of the Act dealing with financial reports and audit requirements. Furthermore, section 285(3) deems a …
In addition to the above obligations, the responsible entity of a scheme is required to comply with Part 5C.4 of the Act and expected to apply ASIC Regulatory Guide 132 Managed investments: Compliance plans . The requirements of the Act impose obligations …
As with managed investment schemes generally, the responsible entity of a mortgage scheme which is registered under section 601ED, operates the scheme on behalf of the members of the scheme. To this end, the responsible entity and the directors of that …
A scheme’s internal control structure is to provide its management, i.e. the responsible entity, with reasonable, but not absolute assurance, that the operations of the scheme are orderly and efficient, and that irregularities are prevented as far as …
The auditor of a scheme’s financial report ordinarily obtains a preliminary understanding of the scheme and its environment, including its internal control, sufficient to identify and assess the risks of material misstatement of the financial report …
See ASA 315 Understanding the Entity and its Environment and Assessing the Risk of Material Misstatements . …
Similarly, the compliance plan auditor [4] who conducts the audit of a scheme’s compliance plan under section 601HG, is required under ASAE 3100 Compliance Audits to obtain an understanding of the scheme’s compliance plan (the subject matter) and other …
Under section 601HG(2) the compliance plan auditor and the financial report auditor of the responsible entity must be different persons, notwithstanding that they may be from the same firm. See also GS 013 Special Considerations in the Audit of Managed …
Under section 331AAA, the scheme’s responsible entity is responsible for the appointment of the scheme’s financial report auditor. This is also the case for the scheme’s compliance plan auditor who is appointed by the responsible entity under section …
Or other suitable form of audit contract. See ASA 210 Terms of Audit Engagements and ASAE 3100 . …