ASIC has issued an updated version of Regulatory Guide 34 Auditor’s obligations: reporting to ASIC (RG 34). RG 34 provides guidance to help auditors comply with their obligations to report certain matters including contraventions and suspected contraventions of the Corporations Act (the Act) by their audit clients to ASIC. RG 34 has been updated to include guidance for auditors of Australian Financial Services (AFS) licensees.

RG 34 previously only provided guidance for auditors of companies and registered schemes in relation to the reporting of certain contraventions and suspected contraventions of the Act under s311 and s601HG. RG 34 has been updated to include guidance in relation to the requirement for auditors of AFS licensees to report matters under s990K. The updated version of RG 34 will assist auditors by providing more certainty in respect of their obligations under s990K.

ASIC encourages all auditors of AFS licensees to actively consider the requirements of s990K of the Act when conducting an audit of a licensee.

ASIC has in place a fast-track process for dealing with auditor notifications which can be either emailed to auditor.notification.team@asic.gov.au or mailed to The Auditor Notification Team, Compliance Directorate, Australian Securities and Investments Commission, GPO Box 9827, Brisbane QLD 4001.

Download Regulatory Guide 34 Auditor’s obligations: reporting to ASIC