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Auditing

Reporting requirements for insurance brokers

Licensees must lodge with ASIC their profit and loss statement and balance sheet, and audit report each year, using lodgement forms FS70 and FS71.

Insurance brokers as licensees are required to submit to ASIC financial reports based upon Chapter 2M and Part 7.8 of the Corporations Act, as stated in the licence conditions under  “Audit Opinion on Financial Requirements”. 

The report must be lodged within the following periods:

1. If the licensee is not a body corporate (i.e. an individual or partnership), within two months after the end of the financial year, viz 31st August, as the licensee's financial year must run to 30th June. 
2. If the licensee is a body corporate it has three months after the end of the financial year, viz 30th September, if the financial year end is 30th June.

What is required under FS70?

This form is accompaned by the profit and loss statement and balance sheet of the licensee. The licensee must also summarise the result of the financial year if applicable. In Part One the licensee attests to the authenticity of the statements included. Part Two certifies that the auditor’s report submitted under FS71 is a true copy of the report.

What is required under FS71?

This report is completed by the licensee’s auditor and confirms in their opinion the position of the licensee – financially and from a compliance perspective.

Note: Both forms when completed must be lodged by the licensee. 

Natural persons licensees do not have to include in the profit and loss statements any income or expenses that do not relate to their financial services business.