Document ID: chunk:federal_register_of_legislation:F2022C00379:body:0:p6
Version: federal_register_of_legislation:F2022C00379
Segment Type: other
Provision Reference: 
Character Range: 12868–15863

procedures required under this Rule.

Schedule

Form 1 Part 1
Annual Auditor's Report
ASIC Client Money Reporting Rules 2017
We have audited the accounting records and internal controls and systems ("internal controls") of ..............................[Entity Name] (the "licensee"), which are designed to ensure compliance with the requirements of the ASIC Client Money Reporting Rules 2017 ("the Rules"), in order to express an opinion about their effectiveness for the period/year ended .................[date] ("the Financial Year").
The directors of the licensee are responsible for maintaining an effective internal control structure, including establishing and maintaining records and effective policies and procedures designed to ensure compliance with the requirements of the Rules. We have conducted an independent audit of the internal controls designed to ensure compliance with the requirements of the Rules in order to express an opinion on them to the directors of the licensee for the Financial Year ended.........................[insert date].
Our audit has been conducted in accordance with Australian Auditing Standards and accordingly included such tests and procedures as we considered necessary in the circumstances. Our procedures included examination, on a test basis, of evidence supporting the licensee's accounting records and operation of its internal controls in relation to compliance with the requirements of the Rules. These procedures have been undertaken to form an opinion whether in all material aspects, the licensee maintained suitably designed and effective internal controls to ensure compliance with the requirements of the Rules for the Financial Year.
This report has been prepared for the licensee in order to meet its obligations to give this report to ASIC in accordance with paragraph 3.1.2(1)(b) of the Rules. We disclaim any assumption of responsibility for reliance on this report to any person other than the licensee and ASIC, or for any purpose other than that for which it was prepared.
Inherent Limitations
Because of the inherent limitations of any internal control structure it is possible that fraud, errors or non-compliance with laws and regulations may occur and not be detected. Further, the overall internal control structure, within which the internal controls designed to ensure compliance with the requirements of the Rules operate, has not been audited, and no opinion is expressed as to its effectiveness.
An audit is not designed to detect all weaknesses in internal controls or all instances of noncompliance with the requirements of the Rules as it is not performed continuously throughout the period/year and the tests performed over the internal controls are on a sample basis having regard to the nature and size of the licensee.
Any projection of the evaluation of internal controls to future periods is subject to the risk that the internal controls may become inadequate because of changes in conditions, or that the