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1 Oct. 2015

AUASB issues revised Guidance Statement GS 003

The AUASB has released a revised Guidance Statement GS 003 Assurance Relating to Australian Financial Services Licences issued under the Corporations Act 2001.

The Guidance Statement provides guidance to auditors conducting assurance engagements relating to Australian financial services licensees reporting in accordance with the requirements of Chapter 7 of the Corporations Act 2001 and the associated Corporations Regulations 2001.

The key changes that have been addressed in the revised GS 003 include updated or new:

  • references to Clarity Auditing Standards including the recently issued ASAE 3150 Assurance on Controls;
  • auditor considerations in relation to the newly revised and issued (September 2015) ASIC Auditor’s Report Form FS71;
  • materiality guidance;
  • tailored cash and other financial requirements for responsible entities, Investor Directed Portfolio Services (IDPS) Operators, custodial or service providers and retail over the counter derivative issuers; and
  • tailored audit requirements for responsible entities, Investor Directed Portfolio Services (IDPS) Operators, custodial or service providers and retail over the counter derivative issuers.

The appendices to GS 003 include an example engagement and representation letter and a table summarising the regulatory references for certain financial and assurance requirements applicable to all non-exempt AFS Licensees, Responsible Entities, Operators of IDPS and Retail OTC derivative issuers.