Financial Services organisations and AFSL holders have complex and constantly changing regulatory and requirements, including general and financial AFSL compliance, financial audit, AML/CTF, Client Money reporting obligations, AFCA, Insurance, Design Distribution Obligations, and many more.

Working with an auditor that is familiar and indeed an expert in this space is a significant advantage. There are often times when the different rules conflict and only an auditor with detailed knowledge of all the rules can assist for the best overall outcome.

Keeping Up With Ongoing Changes 

Keeping up with the complexity and changes in accounting requirements is challenging if you don’t specialise in AFSL’s. The rules change all the time.

An example is changing financial reporting requirements. On 1 July 2022, ASIC updated Form FS70 (Australian financial services licensee profit and loss statement and balance sheet) to bring in new financial reporting requirements applying from 1 July 2021. The key change is that many AFSL holders may now need to prepare general purpose financial statements (including consolidated financial reports as applicable) whereby they may not have been doing this before.

Other changes include the new breach reporting rules which came in in October last year and which ASIC is currency reviewing, and the Design Distribution obligations that came in at the end of FY 2021.

Conducting AFSL audits requires a deep understanding of the regulations and keeping up with recent changes. In addition to audits and reviews, LNP Audit + Assurance also offer due diligence for licence and business purchases and sales, IPO and capital raising assurance, prospectus assistance, and capital requirements analysis and advice. 

We work with a range of industry partners that complement our knowledge. These include legal service providers who specialise in AFSL licensing and other obligations such as AML/CTF. 

LNP Audit + Assurance are Financial Services and AFSL Specialists

At LNP Audit + Assurance, we provide services to around 100 AFS licence holders, including statutory audits, compliance audits and reviews, AML reviews, and general compliance and regulatory investigation assistance. 

LNP Audit + Assurance are Pre-eminent OTC Derivative Auditors

When it comes to OTC derivative licensees, LNP Audit + Assurance has unparalleled expertise and experience, we work with around one-third of Australian CFD licence holders as clients (and around the same number of FMA regulated entities in New Zealand), representing nearly 50% of the traded volume of retail CFDs in the country and over 10% of the global traded retail CFD volume.

LNP Audit + Assurance are Funds Management Experts

LNP Audit + Assurance has a significant and growing number of funds management clients, managing approaching $4 billion of assets. We have extensive experience across different market sectors and asset classes, including equities, CFD’s, crypto, commodities, private equity, and more. 

Get In Touch To Discuss Your AFSL Audit and Assurance Requirements

Financial services, AFSL Holders, funds management and OTC derivative clients turn to LNP Audit + Assurance for peace of mind with audit and related work. Our experience in financial services is a key strength, with a reputation, expertise, and contacts that few firms of its size can match.

If you have questions about meeting your obligations, the team at LNP Audit + Assurance are ready to assist.

Get in touch with our expert team to discuss your AFSL audit requirements.