Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(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.