Document ID: chunk:federal_register_of_legislation:F2021C01014:clause:1_12
Version: federal_register_of_legislation:F2021C01014
Segment Type: clause
Provision Reference: sch 1 cl 12
Character Range: 11615–13533

12  Reviews to have regard to standards
  Independent reviews of financial projections will have regard to the standard ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information, issued by the Auditing and Assurance Standards Board on 30 May 2017, as existing from time to time.
Note: The Auditing and Assurance Standards Board standards could in 2021 be viewed on the Auditing and Assurance Standards Board website (www.auasb.gov.au).

13 Information to be assessed
 (1) Information that could be used to assess the common indicators in section 11 and to make a determination about financial viability risk may include, but not be limited to:
 (a) Independent reviews of financial projections including underlying assumptions
 (b) Business planning including forecast income streams and forecast expenditure
 (c) Assets and liabilities
 (d) Financial statements audited by an independent qualified auditor
 (e) Financial records for the previous 12 months, including profit and loss, balance sheets
 (f) Cash flow and bank accounts
 (g) Short term budgets and forecasts, including assumptions
 (h) Information on current and projected student enrolments, including assumptions
 (i) Tax records
 (j) Information about current debts and debtors, credits and creditors, loans and repayment
 (k) Plans, and information on any legal disputes
 (l) Inter-company dealings, transfers, ownerships and loans
 (m) Contingent liabilities
 (n) Ultimate ownership details
 (o) Post reporting activities (includes activities that relate to the period after accounts have been audited that would have a material impact on the organisation's operations, viability or ownership).

14 Assessment to consider size and scope of operations
  In managing the financial viability risk of an organisation, the National VET Regulator may take into consideration the size and scope of its operations.