Document ID: chunk:federal_register_of_legislation:F2022C00379:body:0:p5
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(b)       a reconciliation performed under subrule 2.2.1(1) (the reconciliation of individual amounts) identifies a difference between the amount held in a Client Money Account for a person and the amount recorded in the licensee's records kept under subrule 2.1.1(1); or
(c)        a reconciliation performed under subrule 2.2.1(2) (the reconciliation of total amounts) identifies a difference between the amount held in Client Money Accounts for all persons and the amount recorded in the licensee's records kept under subrule 2.1.1(2).
(2) The written report must:
(a)        state the paragraph of subrule (1) to which the report relates;
(b)       contain details of the failure or difference, as applicable;
(c)        explain any remedial action taken or proposed to be taken by the licensee in relation to the matters in the report; and
(d)       if paragraph (1)(b) or (c) applies, include a copy of the written record of the reconciliation to which the report relates required by subrule 2.2.1(4) to be retained by the licensee.
(3) The written report may contain any other information the licensee considers necessary to explain the matters in the report.
(4) The written report must be given to ASIC within 5 business days after the licensee becomes aware of the failure or difference, as applicable.

3.1.2 Annual declarations—Directors and auditors
(1) For financial years ending after 1 July 2018, a financial services licensee must prepare and give to ASIC within 4 calendar months of the end of each financial year of the licensee:
(a)        a directors' declaration that states whether, in the directors' opinion, the licensee has complied with these Rules; and
(b)       an external auditor's report containing the information set out in Form 1 Part 1 of these Rules, signed by a partner or director of the auditor.
(2) For the purpose of paragraph (1)(a), the declaration must:
(a)        be made in accordance with a resolution of the directors;
(b)       specify the date on which the declaration is made; and
(c)        be signed by a director.

Chapter 4: Supervisory policies and procedures

Part 4.1 Supervisory policies and procedures

4.1.1 Establish, maintain and implement policies and procedures
(1) A financial services licensee required to comply with these Rules must establish policies and procedures designed to ensure compliance with the Rules.
(2) A financial services licensee required to comply with these Rules must keep the policies and procedures established under this Rule up to date.
(3) A financial services licensee required to comply with these Rules must implement the policies and 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