Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:7:p5
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 7 (pt 5/39)
Character Range: 1115844–1118571

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 and fair view of the matters stated in it; and
 (b) if the licensee is required to lodge an auditor's report under subparagraph 989B(3)(b)(ii) or paragraph 989B(3)(c) of the Act—the auditor's report lodged with the profit and loss statement and balance sheet is a true copy of the report on the profit and loss statement and balance sheet of the financial services licensee; and
 (c) if the licensee is required to lodge a compliance certificate under paragraph 989B(3)(a) or subparagraph 989B(3)(b)(i) of the Act—the information in the compliance certificate lodged with the profit and loss statement and balance sheet is complete and accurate.

7.8.14A  Lodgement of annual profit and loss statement and balance sheet
  For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if paragraph 989D(1)(b) were modified to read as follows:
 '(b) if the licensee is:
 (i) a body corporate that is a disclosing entity or a registered scheme—the day that is 3 months after the end of that financial year; or
 (ii) a body corporate that is not a disclosing entity or a registered scheme—the day that is 4 months after the end of that financial year.'.

Subdivision D—Appointment etc. of auditors

7.8.14B  Modification of section 990B of the Act
 (1) For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if subsection 990B(1) of the Act were modified by:
 (a) omitting "must, within 1 month after beginning to hold the licence," and substituting "who is not a limited licensee must"; and
 (b) omitting "(4) and (5)" and substituting "(4), (5) and (5A)".
 (2) For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if section 990B of the Act were modified by inserting after subsection 990B(5) the following subsection:
 "(5A) The licensee must appoint an auditor or auditors within:
 (a) if the licensee was a limited licensee—one month after the licensee ceased to be a limited licensee; or
 (b) for all other licensees—one month after beginning to hold the licence.".
 (3) For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if subsection 990B(9) of the Act were modified to read as follows:
 "(9) In this section:
limited financial services means the following financial services:
 (a) financial product advice on self managed superannuation funds;
 (b) financial product advice on superannuation products in relation to a person's existing holding in a superannuation product but only to the extent required for:
 (i) making a recommendation that