AFSL Audit

Australian Financial Services Licensees operate within a demanding reporting environment. Optimum Auditing Services provides independent audit and assurance engagements tailored to the licence, business activities and reporting obligations of each licensee.

We plan the work around the information your directors, responsible managers and finance team need to provide. Clear queries and early discussion of significant issues help keep the engagement organised as the reporting deadline approaches.

Scope matched to your licence

We consider the current AFS licence, authorised activities, licence conditions and applicable financial requirements before agreeing the engagement. ASIC’s Regulatory Guide 166 is an important reference for financial requirements; the obligations applying to an individual licensee must be assessed in its own circumstances.

The financial statement audit and any additional regulatory assurance reporting are scoped separately where necessary. A general financial report audit does not automatically cover every licence condition or operational compliance obligation.

Key areas of examination

• Financial statements, accounting records and significant transactions.
• Revenue, fees, receivables, expenses and related party arrangements.
• Applicable financial resource calculations and supporting evidence.
• Cash flow projections and the assumptions supporting them, where required.
• Client money arrangements and related reporting where included in scope.
• Systems and controls relevant to the required assurance report.

AFSL audit and lodgement deadlines

The audit needs to be completed in time for the licensee to lodge its annual financial statements and required auditor’s report. ASIC’s standard annual lodgement periods depend on the type of licensee:

For example, a corporate licensee that is not a disclosing entity generally has a 31 October lodgement deadline for a 30 June financial year end. The dates above are lodgement deadlines, not a recommended date to start the audit. We agree an earlier timetable for records, fieldwork and report completion.

Different year ends, specific licence conditions, other reporting obligations and any applicable ASIC relief must be considered. Contact us early if your deadline is approaching; completion depends on the scope and availability of sufficient evidence.

Confirm ASIC’s AFS licensee annual lodgement periods. Guidance checked 27 September 2026.

Preparation that supports a timely audit

We request your current licence and variations, draft financial statements, trial balance, general ledger and supporting reconciliations. Financial resource calculations, forecasts, compliance records and prior audit findings may also be needed, depending on the reporting required.

We establish the relevant reporting dates and a practical completion timetable. The scope and availability of complete records influence timing, so early engagement is particularly useful where the business has changed or the reporting involves complex arrangements.

Reporting and communication

Significant findings are discussed with the appropriate representatives of the licensee. We explain outstanding evidence, proposed adjustments and matters affecting the auditor’s report, then provide the agreed reports for the relevant purpose.

Directors and responsible managers retain responsibility for the licensee’s compliance, financial resources and lodgements. Our role is to provide independent conclusions on the matters covered by the engagement.

Changing your AFSL auditor

We review the appointment requirements and any applicable ASIC consent or notification process before the transition. With appropriate authority, we communicate with the outgoing auditor and identify the records needed to establish an effective first-year audit.

Regulatory reference: ASIC RG 166 — AFS licensing: Financial requirements.