Commonwealth legislation

ASIC Corporations (AFSL Audit Opinion) Instrument 2015/586

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

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).

The technical change:

It modifies regulation 7.8.13 of the Corporations Regulations to insert "4A," after "4," in the list of accounting standards
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

Who it affects:

Financial services licensees (companies licensed to give financial advice or sell financial products)
External auditors who sign off on these licensees' annual financial reports

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.

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Current sections

Direct links to the current provisions in ASIC Corporations (AFSL Audit Opinion) Instrument 2015/586.

ASIC Corporations (AFSL Audit Opinion) Instrument 2015/586

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Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (AFSL Audit Opinion) Instrument 2015/586

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 25 June 2015

Stephen Yen

Contents

Part 1—Preliminary

1 Name of legislative instrument

7 Financial services licensee auditor's report

Part 4—Transitional

8. Financial years to which declaration applies

Part 1—Preliminary

1 Name of legislative instrument

This instrument is ASIC Corporations (AFSL Audit Opinion) Instrument 2015/586.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislative Instruments.

Note: The register may be accessed at www.comlaw.gov.au.

3 Authority

This instrument is made under 992B of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

Part 3—Declaration

7 Financial services licensee auditor's report

Part 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,".

Part 4—Transitional

8. Financial years to which declaration applies

The declaration in section 7 applies in relation to financial years ending on or after 30 June 2015.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

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ASIC Corporations (AFSL Audit Opinion) Instrument 2015/586

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 25 June 2015

Stephen Yen

Contents

Part 1—Preliminary

1 Name of legislative instrument

7 Financial services licensee auditor's report

Part 4—Transitional

8. Financial years to which declaration applies

Part 1—Preliminary

1 Name of legislative instrument

This instrument is ASIC Corporations (AFSL Audit Opinion) Instrument 2015/586.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislative Instruments.

Note: The register may be accessed at www.comlaw.gov.au.

3 Authority