The Australian Securities and Investments Commission (ASIC) has issued an updated version of regulatory guide 34 Auditor's obligations: reporting to ASIC (RG 34).

RG 34 provides guidance to help auditors comply with their obligations to report to ASIC certain matters including contraventions and suspected contraventions of the Corporations Act 2001 (the Act) by their audit clients.

RG 34 has been updated to include guidance for auditors of Australian Financial Services (AFS) licensees.

Previously, RG 34 only provided guidance for auditors of companies and registered schemes in relation to the reporting of certain contraventions and suspected contraventions of the Act under s.311 and s.601HG.

It has been updated to include guidance in relation to the requirement for auditors of AFS licensees to report matters under s.990K. The updated version of RG 34 will assist auditors by providing more certainty in respect of their obligations under the section.

ASIC encourages all auditors of AFS licensees to actively consider the requirements of s.990K of the Act when conducting an audit of a licensee.

You are encouraged to provide your feedback on the guide to us at auditandassurance@cpaaustralia.com.au

For further information download RG 34 (PDF – 89 KB).