ASIC calls for AFS licensees to lodge audit reports

The corporate regulator has been disappointed that some Australian Financial Services (AFS) licensees have not heeded their message that their failure to lodge audited financial statements may result in the cancellation of their AFS licence.

The Australian Securities and Investments Commission (ASIC) said it had cancelled three AFS advice licences and suspended two for failing to lodge annual financial statements and auditor's reports since November, 2015.

ASIC deputy chair, Peter Kell, said: "Licensees are required to lodge financial statements with ASIC to demonstrate their capacity to provide financial services. Failure to comply with reporting obligations can be an indicator of broader compliance concerns."

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"We are disappointed that some licensees have not heeded the message that their failure to lodge audited financial statements may result in the cancellation of their AFS licence. We continue to focus on this obligation and will take further action where licensees do not comply."

ASIC said it had been pursing AFS licensees that had failed to meet their obligation to lodge their annual financial statements and auditor's reports with ASIC within the specified timeframe.




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