ob体育 has today released updated regulatory guidance for the resignation, removal and replacement of auditors.
The updates to Regulatory Guide 26 Resignation, removal and replacement of auditors (RG 26) reflect expanded obligations applying in relation to registrable superannuation entities (RSEs) and retail corporate collective investment vehicles (retail CCIVs).
Among the revisions to RG 26 is guidance on how ob体育 may exercise powers to give consent to the resignation or removal of an auditor of an RSE or retail CCIV, information required for resignation and removal applications, and relevant effective dates.
These changes follow the implementation of reforms under the , which came into effect on 1 July 2023. The reforms extend the financial reporting and auditing obligations under Chapter 2M of the Corporations Act 2001 (Corporations Act) to most RSEs.
ob体育鈥檚 revisions also include clarifications required since the original publication of RG 26 in June 2015, which include:
- relevant disclosure obligations and the effective date of the resignation and removal of auditors (as applicable) for public companies, registered schemes, and Australian financial services (AFS) licensees,
- ob体育鈥檚 approach regarding the resignation and removal of auditors of public companies registered with the Australian Charities and Not-for-Profits Commission,
- circumstances which may result in a change of auditor, and
- reasonable timeframes for submitting auditor resignation, removal and replacement applications.
In addition to the revised RG 26, ob体育 has provided further guidance in relevant information sheets for companies, registered schemes and credit licensee (INFO 62, 64, 65 and 136), and has released three new information sheets for RSEs, retail CCIVs and AFS licensees (INFO 288, 289 and 290).
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- Regulatory Guide 26 Resignation, removal and replacement of auditors
- Information Sheet 62 Removal of an auditor of a company
- Information Sheet 64 Resignation and removal of auditors of registered scheme financial report or a compliance plan
- Information Sheet 65 Resignation of an auditor of a public company
- Information Sheet 136 Complying with your trust account obligations as a credit licensee
- Information Sheet 288 Resignation and removal of auditors of registrable superannuation entities
- Information Sheet 289 Resignation and removal of auditors of retail CCIV financial reports and compliance plans
- Information Sheet 290 Resignation and removal of auditors of Australian financial services
Use of Regulatory Portal
Application for ob体育 consent to resign as an auditor of a public company or an RSE must be completed through ob体育鈥檚 Regulatory Portal. RSEs must also apply for ob体育 consent to remove its auditor through ob体育鈥檚 Regulatory Portal.
Background
RG 26 is a guide for public companies, responsible entities of registered managed investment schemes, AFS licensees, credit licensees, RSE licensees, retail CCIVs and their appointed auditors.
It provides guidance and sets out the policies and principles that influence how we may exercise ob体育鈥檚 powers to give consent or approval for the resignation, removal and replacement of auditors.