Licensed Businesses
Audits for Financial Advisory Services, Building Services (QBCC) & Franchising

If you or your client are licenced you may need an audit

Industry is constantly being regulated and licenced when undertaking services to the public in areas such as financial advisory services, building services and franchising. These regulations often require a review or audit of annual financial statements and the need to address compliance within the regulations with particular regard to governance, accountability and process.

Australian Financial Services Licensees (AFSL)

All organisations and individuals who are registered financial planners or offer financial products such as insurance, must hold a financial services licence, which requires those parties to be registered with ASIC and in most cases under the terms of their licences they are also required to undergo an audit annually of not only their financial activities but also their compliance with the provisions of their respective licences.

The audited financial report and compliance report must be lodged with ASIC along with declarations of compliance signed by the Licensee and the appointed auditor (forms FS 70 and FS 71). A separate report is completed in respect to a compliance plan under Financial Services legislation.

SAAS Audit  has a significant level of experience in this auditing for AFSL'S arena and can help you.           

QBCC  licensees (Qld Building Industry)

http://www.qbcc.qld.gov.au

In Queensland each practitioner in the building industry is licenced and must meet stringent financial liquidity and performance criteria. Whilst there has been some relaxation in audit requirements, clients need to be conscious of the rules.  There is now a structured approach to the these depending on turnover activity and there are 3 criteria, one for no audit, one for an assurance review (limited scope audit) and one of a complete unconditional audit opinion.      

Please contact SAAS Audit  if you have any questions in relation to this aspect. Our audit team can assist with any QBCC audit or review requirements.

Franchising Licensees                   

http://www.accc.gov.au

An audit is required initially in respect to most franchisees as to their financial viability and going concern and the second in relation to the use of advertising fees collected. The operations of Franchisees are covered by the Franchising act and associated code of conduct.       

Please contact SAAS Audit  if you have any questions in relation to audits for licensed businesses. Our audit team can assist with any audit requirements.