Each year, Australian financial services (AFS) licensees must lodge with ASIC their profit and loss statement and balance sheet (together with form FS70) and an audit report (together with form FS 71). The special purpose audit is required to ensure that AFS licencees comply with their AFS licence conditions, the Corporations Act and Regulations. BCS is experienced in providing audit services to the financial services industry.

An AFS licensee must lodge its financial report within the following periods:

• If the AFS licensee is not a body corporate: within 2 months after the end of its financial year. The financial year of an AFS licensee who is not a body corporate must end on 30 June. This means an AFS licensee who is not a body corporate must lodge by 31 August;
• If the AFS licensee is a body corporate that is a disclosing entity: within 3 months after the end of its financial year. For example, if the financial year ends on 30 June, an AFS licensee which is a disclosing entity must lodge by 30 September;or
• If the AFS licensee is a body corporate that is not a disclosing entity: within 4 months after the end of its financial year. For example, if the financial year ends on 30 June, an AFS licensee which is not a disclosing entity must lodge by 31 October.