Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:7:p4
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 7 (pt 4/39)
Character Range: 1113302–1116072

insurance products;
 (v) life risk insurance products;
 (vi) basic deposit products;
 (d) arrange to deal in an interest in a self managed superannuation fund.
Note: Financial product advice on self managed superannuation funds includes advice about acquiring or disposing of an interest in a self managed superannuation fund.
limited licensee means a financial services licensee that:
 (a) does not deal with money to which Division 2 of Part 7.8 of the Act applies; and
 (b) is only licensed to provide one or more limited financial services.
simple managed investment scheme has the same meaning as in the regulations.".

7.8.13  Auditor's report with annual profit and loss statement and balance sheet
 (1) For subparagraph 989B(3)(b)(ii) or paragraph 989B(3)(c) of the Act, an auditor's report lodged with a true and fair profit and loss statement and balance sheet in respect of a financial year must be lodged with ASIC in the prescribed form.
 (2) For subparagraph 989B(3)(b)(ii) or paragraph 989B(3)(c) of the Act, an auditor's report lodged with a true and fair profit and loss statement and balance sheet in respect of a financial year must contain a statement of the auditor's opinion on the following matters:
 (a) the effectiveness of internal controls used by a financial services licensee to comply with:
 (i) Divisions 2, 3, 4, 4A, 5 and 6 of Part 7.8 of the Act; and
 (ii) Division 7 of Part 7.8 of the Act other than section 991A;
 (b) whether each account required by sections 981B and 982B of the Act to be maintained by the financial services licensee has been operated and controlled in accordance with those sections;
 (c) whether all necessary records, information and explanations were received from the financial services licensee.

7.8.13A  Compliance certificate with profit and loss statement and balance sheet
  For paragraph 989B(3)(a) and subparagraph 989B(3)(b)(i) of the Act, a compliance certificate lodged by a licensee with a true and fair profit and loss statement and balance sheet in respect of a financial year must:
 (a) be lodged with ASIC in the prescribed form; and
 (b) be signed by:
 (i) if the licensee is an individual—the licensee; or
 (ii) if the licensee is a corporation—an officer of the corporation; or
 (iii) if the licensee is a partnership or the trustees of a trust—a partner or trustee who performs duties in relation to financial services.

7.8.14  Contents of annual profit and loss statement and balance sheet and applicable accounting procedures
  For paragraph 989C(a) of the Act, a true and fair profit and loss statement and balance sheet in respect of a financial year must contain a declaration by the financial services licensee that:
 (a) the profit and loss statement and balance sheet give a true