Episode 23: Is it time to change your registered auditor?

We provide answers to the most frequently asked questions, including:

• how to calculate the number of consecutive financial years your registered auditor has played a ‘significant role’ in the audit of your financial reports
• what to do if you’ve already appointed an auditor who you should have rotated
• the information the reporting unit should provide to a newly appointed registered auditor.

Auditing a financial report in breach of the rotation of registered auditors requirement can result in financial penalties.

ROCpod was a monthly podcast created by the Registered Organisations Commission, which is now abolished. The obligations for registered organisations remain unchanged, with the functions transferred to the Fair Work Commission as the regulator from 6 March 2023. If you need further information please contact the Fair Work Commission on 1300 341 665 or email regorgs@fwc.gov.au.

Episode highlights

02:19  Quick summary of the auditor requirements

04:28  Playing a significant role. What does this mean?

06:20  How to determine when you need to change your auditor

11:20  Removing an auditor during their appointment

13:10  Guidance for using a different registered auditor

14:23  Civil penalties for breaches of the requirements

Links

• Rotation of auditors factsheet
• Financial reporting

ROCpod was the official podcast of the Registered Organisations Commission. It is copyright to the Commonwealth of Australia. The opinions expressed in ROCpod are the opinions of the particular speaker and not necessarily the opinions of the regulator. 

This information is general and is not intended to be comprehensive, it is designed to assist in gaining an understanding of the relevant provisions of the legislation, the regulator and its work. The regulator is not able to provide legal or accounting advice. 

For further information please see the registered organisations materials on our website or contact us at regorgs@fwc.gov.au.