Do we need to have our AC licensee audited by a registered auditor once a year now we have an ACL?

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You will need to lodge an Audit Report with ASIC within three months of the end of your financial year if the AC licensee holds client money on trust. See Section 100 and 101 of the NCCP Act for the details.

 

Also, ASIC can also request an audit of the licensee if it so wishes.

 

Other than those two obligations, there is no standard obligation to have an annual audit, as there is for AFSL holders.

 

Author: Paul Derham

 

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