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15 Jun. 2015

AUASB issues revised Guidance Statement GS 018 Franchising Code of Conduct – Auditor's Report

The AUASB has issued revised Guidance Statement GS 018 Franchising Code of Conduct – Auditor’s Reports on 15 June 2015 which replaces GS 018 Franchising Code of Conduct – Auditor’s Reports issued in October 2010.

GS 018 should assist assurance practitioners who are engaged to undertake a solvency audit for a Franchisor entity that is required to meet certain financial detail disclosure obligations under the Competition and Consumer (Industry Code – Franchising ) Regulation 2014, which is applicable from 1 January 2015.  The guidance statement also provides an Example solvency audit report in the appendices.