lnpauditlnpaudithttps://www.lnpaudit.com.au/latest-newsClient Money reconciliation and reporting rules update - 3 months to go!]]>Tony Rosehttps://www.lnpaudit.com.au/single-post/2018/01/10/Client-Money-reconciliation-and-reporting-rules-update---3-months-to-gohttps://www.lnpaudit.com.au/single-post/2018/01/10/Client-Money-reconciliation-and-reporting-rules-update---3-months-to-goWed, 10 Jan 2018 05:37:12 +0000
As LNP previously reported, these were released in October 2017 and apply from April 2018.
The new rules impose record keeping, reconciliation and reporting requirements on AFS Licensees that hold derivative retail client money within the meaning of Corporations Act, unless the same derivative is traded on a fully licensed domestic market.
The key requirements are;
Record keeping.
Information relating to reportable client monies, must be provided within 5 days upon receiving a request from clients or ASIC.
Reconciliation and reporting
Three sets of reporting are required, daily, monthly, and annually.
Daily reconciliation The licensee must nominate a time for daily reconciliation for reportable client money for each person and in total, complete the reconciliation, and report the amounts in the client money trust accounts (with ADI’s), and the corresponding amounts in the licensee’s trading platforms (for example MT4). This must be done by on the third business day from the nominated time.
Monthly reconciliation The licensee must nominate a time for the end of month reconciliation, which must be completed and sent to ASIC within 10 business days with similar information to the daily reconciliation. The monthly reconciliation must include a statement signed by a director, or a person authorised by a director, stating that the signatory believes, and has no reason not to believe, that the reconciliation is accurate in all respects.
Reporting and annual declaration The licensee must declare that the licensee has complied with the new client money rules. A 'type II operating effectiveness of internal controls audit report' relating to reportable client monies must be provided by an external auditor. This audit report may be supplied by your external auditor if they have the expertise, or maybe provided by another auditor with the requisite expertise. LNP Audit and Assurance has this expertise we provide services to a large number of forex and CFD providers and provide type II audit reports to a range of clients.
ACTIONS
What you should think about doing now, if not already commenced is to:
Define and implement reconciliation processes, which may involve developing new or improved systems and might be a good opportunity to gain efficiency, andDefine and agree the audit report on these processes,Get help and advice if you think you need it. LNP Audit and Assurance would be most willing to assist.
]]>LNP Audit and Assurance celebrates 15 year Caseware Partnership]]>Robert Nielsonhttps://www.lnpaudit.com.au/single-post/2017/11/30/LNP-Audit-and-Assurance-celebrates-15-year-Caseware-Partnershiphttps://www.lnpaudit.com.au/single-post/2017/11/30/LNP-Audit-and-Assurance-celebrates-15-year-Caseware-PartnershipWed, 29 Nov 2017 20:39:41 +0000
LNP Audit and Assurance was recognised by Caseware as being a longstanding customer, for 15 years, at the recent Caseware training in Sydney.
Robert Nielson, Director, accepted the award.
LNP Audit and Assurance uses Caseware, a 100% cloud based audit tool, to undertake all our statutory audits and it is a key part of our operation.
LNP Audit and Assurance really appreciates the ongoing help and support of all the team at Caseware, led by Craig Waldron.
]]>The Captain's Ride]]>Tony Rosehttps://www.lnpaudit.com.au/single-post/2017/11/18/The-Captains-Ridehttps://www.lnpaudit.com.au/single-post/2017/11/18/The-Captains-RideThu, 09 Nov 2017 20:28:00 +0000
We sponsored our friend Elaine, a bit of a superstar, to take part in the Captains Ride, an 800 kilometre ride around the hilly bits of Tasmania!
The Captains Ride raises funds for the Steve Waugh Foundation to provide support to children and young adults affected by rare diseases. In Australia there are 400,000 children with 8,000 rare diseases. The rare disease patient is often without diagnosis, treatment, research and hope.
The Captain’s Ride is about people from all walks of life leading, inspiring, supporting and guiding each other. This ride is about 'strength of character', and is at the core of what the Steve Waugh Foundation does.
https://www.stevewaughfoundation.com.au/
]]>ASIC Issues client money rules]]>Tony Rosehttps://www.lnpaudit.com.au/single-post/2017/10/09/ASIC-Issues-client-money-ruleshttps://www.lnpaudit.com.au/single-post/2017/10/09/ASIC-Issues-client-money-rulesSun, 08 Oct 2017 23:48:00 +0000
The long awaited client money rules have been issued.
The client money rules will commence on 4 April 2018, at the same time the other client money reforms take effect.
This gives AFS licensees less than six months to work out the necessary systems, policies and procedures for complying with the rules. The rules include new reporting and audit requirements.
Now is a good time to start.... Contact LNP for more details.