{"id":"F2015L00966","name":"ASIC Corporations (AFSL Audit Opinion) Instrument 2015/586","slug":"asic-corporations-afsl-audit-opinion-instrument-2015-586","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":438331,"registerId":"F2015L00966-fast-fetch-1775954804557","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (AFSL Audit Opinion) Instrument 2015/586","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Corporations (AFSL Audit Opinion) Instrument 2015/586\n\nI, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 25 June 2015\n\n \n\n \n\nStephen Yen\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc421200601)\n\n[1 Name of legislative instrument](#_Toc421200602)\n\n[2 Commencement](#_Toc421200603)\n\n[3 Authority](#_Toc421200604)\n\n[4 Definitions](#_Toc421200605)\n\n[Part 3—Declaration](#_Toc421200606)\n\n[7 Financial services licensee auditor's report](#_Toc421200607)\n\n[Part 4—Transitional](#_Toc421200608)\n\n[8. Financial years to which declaration applies](#_Toc421200609)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis instrument is ASIC Corporations (AFSL Audit Opinion) Instrument 2015/586.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislative Instruments.\n\nNote: The register may be accessed at [www.comlaw.gov.au](http://www.comlaw.gov.au).\n\n3 Authority\n\nThis instrument is made under 992B of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nPart 3—Declaration\n\n7 Financial services licensee auditor's report\n\nPart 7.8 of the Act applies in relation to a financial services licensee as if regulation 7.8.13 of the Corporations Regulations 2001 were modified or varied by, in subparagraph 7.8.13(2)(a)(i), after \"4,\" inserting \"4A,\".\n\nPart 4—Transitional\n\n8. Financial years to which declaration applies\n\nThe declaration in section 7 applies in relation to financial years ending on or after 30 June 2015.\n","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2040},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow scope—a technical update to audit reporting requirements for AFSL holders. No expansion beyond the specific accounting standard reference modification."},"complexity_factors":["Single, targeted textual amendment (inserting \"4A,\")","Only 1 defined term in the instrument","Requires cross-referencing to Corporations Regulations 2001 (reg 7.8.13) to understand full context","No exceptions, nested conditions, or operational provisions"],"plain_english_summary":"**What this does:** This instrument adds an extra accounting standard to the checklist that auditors must use when reviewing the financial reports of financial services licensees (businesses holding an AFSL—Australian Financial Services Licence).\n\n**The technical change:**\n- It modifies regulation 7.8.13 of the Corporations Regulations to insert \"4A,\" after \"4,\" in the list of accounting standards\n- This requires auditors to specifically state whether the licensee's financial report complies with Accounting Standard 4A (AASB 1054, dealing with additional disclosures), in addition to other existing standards\n\n**Who it affects:**\n- **Financial services licensees** (companies licensed to give financial advice or sell financial products)\n- **External auditors** who sign off on these licensees' annual financial reports\n\n**Why it matters:** It ensures auditor opinions cover all relevant accounting standards, closing a gap where Standard 4A requirements might have been missed in audit reports."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-afsl-audit-opinion-instrument-2015-586","history":"/api/acts/asic-corporations-afsl-audit-opinion-instrument-2015-586/history","analysis":"/api/acts/asic-corporations-afsl-audit-opinion-instrument-2015-586/analysis","conflicts":"/api/acts/asic-corporations-afsl-audit-opinion-instrument-2015-586/conflicts","importantCases":"/api/acts/asic-corporations-afsl-audit-opinion-instrument-2015-586/important-cases","documents":"/api/acts/asic-corporations-afsl-audit-opinion-instrument-2015-586/documents"}}