Measures for Monitoring and Supervision
ASIC expect a licensee to exercise diligence in monitoring and supervising authorised representatives.
RG 104.72 States how this is to be performed.
- Keep track of who your representatives are, what role they perform and whether they are appropriately authorised.
- Ensure representatives act within the scope of what you have authorised them to do
- Ensure your representatives understand your compliance arrangements
- Monitor your representatives’ compliance; and
- Respond to compliance failures
Fwgs takes compliance very seriously as clients are increasingly litigating against their advisers. Although the scope of advice for accountants is narrow fwgs endeavors to ensure that every element of the ASIC requirements are followed.
To that end we have built a simple, clear, market leading web based portal that automates many of the compliance responsibilities. This system also enables real time auditing on every file 24/7. Not only are we protecting your firm with a system that is light years ahead of any alternatives. Face to face audits will continue but our feedback will be appreciated by accountants entering into very new territory.
Should you wish to obtain further information about our solution for accountants once the accountant exemption expires or you wish to become an authorised representative please email [email protected].
The next article in this series looks at ASIC’s requirements for “Training and Compliance”
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