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AFSL Audit Time

Posted on October 29th, 2014 by Sophie Gerber in AFSLs

Lodging true and accurate audited financial statements for an AFSL

For most of our AFSL clients, being ‘non-disclosing entities’, your AFSL audit is due this week, Friday 31 October 2014. It is important that you get it in to ASIC on time.

ASIC recently suspended an Australian Financial Services Licence (AFSL) after it failed to lodge true and accurate audited financial statements. Lodging such financial statements is mandatory in order to fulfill compliance obligations with ASIC Regulatory Guide 166 and the conditions on the AFSL. The suspension comes after ASIC cancelled eight other AFSLs in July 2014 for failing to lodge annual audited financial statements.

AFSL holders are required to provide ASIC with:

  • profit and loss statement;
  • balance sheet (and form FS70); and
  • auditor’s report (and form FS71),

Failing to do so can lead to a suspended AFSL. Contact us or your auditor to discuss further.

Sophie Gerber

Sophie is the director of both Sophie Grace Legal Pty Ltd and Sophie Grace Pty Ltd. Sophie has worked with some of Australia’s largest financial services organisations in compliance, legal and operational roles. She has also worked with small businesses to provide tailored solutions with a strong understanding of business practicalities as well as obligations to regulators.