Instrument 2016/186, issued 24 March 2016 provides that a foreign company AFSL holder can lodge accounts prepared for their home regulator with ASIC to meet their AFSL requirements. As a result the foreign company does not have to comply with regulations …

RG 166.8 also states that if the Licensee is prudentially regulated overseas, they can apply to ASIC for relief from the financial requirements. ASIC will give this relief on a case by case basis if they are satisfied that the applicant is regulated in a …

ASIC form FS70 is completed and lodged by the Licensee. The auditor does not have any reporting requirements in relation to FS70. The auditor inserts the date the FS70 was signed by the Licensee in Section 2 of FS71. In section 2 of FS71, the auditor …

Section 990B(1) of the Act and regulation 7.8.16(1)(a) of the Regulations, requires the Licensee to ensure that at all times a registered company auditor who is not made ineligible through regulation 7.8.16 of the Regulations is engaged to audit the …

The auditor complies with the requirements contained in ASAE 3000 , ASAE 3100 , ASAE 3150 and ASAE 3450 when agreeing on the terms of the Licensee’s assurance engagement in writing. Such terms may be outlined in an engagement letter, [16] an example of …

The auditor may also use the engagement letter to clarify the respective roles of the Licensee and the auditor. In particular, it is important to highlight in the engagement letter the Licensee’s obligation to establish and maintain effective internal …

The auditor plans the engagement in accordance with ASAE 3000 , ASAE 3100 , ASAE 3150 and ASAE 3450 . In planning the auditor performs preliminary engagement activities to establish and document the overall assurance engagement strategy that sets the …

ASA 315 [18] contains information that the auditor may find helpful when obtaining an understanding of the entity and its environment, including its internal controls, to provide a basis for the identification and assessment of the risks of material …

In gaining an understanding of the entity and its environment, the auditor can draw on knowledge gained as part of the annual financial statement audit, however this understanding needs to be updated and broadened to address the subject matters included …

In planning the reasonable assurance sections of the engagement, the auditor will usually conduct the following procedures in obtaining that increased understanding and assessing risk: enquiries, analytical procedures, observation, inspection and …