The Australian Securities & Investments Commission (ASIC) has revised its regulatory guidance under RG 26, impacting the resignation, removal, and replacement of auditors.
This applies to registrable superannuation entities (RSEs) and retail corporate collective investment vehicles (retail CCIVs).
These updates reflect the expanded obligations introduced by the recent Treasury Laws Amendment (2022 Measures No. 4) Act 2023, which came into effect on 1 July 2023.
RG 26, which was published in June 2015, serves as a guide for public companies, responsible entities of registered managed investment schemes, AFS licensees, credit licensees, RSE licensees, retail CCIVs, and their appointed auditors.
It outlines the policies and principles that guide ASIC’s powers to consent to or approve changes in auditors.
The revised guidance includes details on how ASIC may exercise its powers regarding auditor changes for RSEs and retail CCIVs, the information required for resignation and removal applications, and the relevant effective dates.
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By GlobalDataThe reforms have extended financial reporting and auditing obligations under Chapter 2M of the Corporations Act 2001 to most RSEs.
ASIC’s updated guidance also clarifies disclosure obligations, the effective date for auditor changes for public companies, registered schemes, and AFS licensees.
It also explains ASIC’s stance on the resignation and removal of auditors of public companies registered with the Australian Charities and Not-for-Profits Commission.
ASIC has further detailed the circumstances that may lead to a change of auditor and the reasonable timeframes for submitting applications related to auditor resignation, removal, and replacement.
In addition, ASIC has released three new information sheets to offer further guidance for RSEs, retail CCIVs, and AFS licensees, as well as for companies, registered schemes, and credit licensees.
ASIC has also cancelled the AFS licence of Next Generation Advice (Next Gen), following a Queensland Supreme Court order to wind up the company on 23 August 2024.
ASIC mandates that Next Gen must maintain its membership with the Australian Financial Complaints Authority (AFCA) until 17 October 2025.