Internal Audit & Controls

ASIC's Form 397 is the mechanism for notifying ASIC that directors of a listed company or listed registered scheme have approved an auditor's continuation for up to two successive financial years beyond the five-year limit in s324DA(1). The resolution must be lodged within 14 days of its date to be relied upon, and late lodgement means the form is rejected and a new resolution is required. Compliance and company secretarial teams should build this timing and the s324DAB content requirements into their auditor rotation calendars.

ASIC has published Form 5131, which a member of a registered managed investment scheme uses to apply for the appointment of a scheme auditor under section 331AAC(1) of the Corporations Act 2001. The document is an administrative form, not a new rule. Compliance teams at responsible entities should still understand the process, because it affects audit governance and the accuracy of information lodged with ASIC.

The UK's Financial Reporting Council has revised two auditing standards governing how auditors consider possible breaches of laws and regulations, replacing a more procedural approach with one that places greater weight on the risks identified during an audit.

ASIC's CP 391 proposes a revised access model for the companies register, introducing tiered access across general, company, business, and government user categories while restricting sensitive personal details like residential addresses and full dates of birth. Compliance teams at financial institutions should assess how these changes affect due diligence, KYC, and fraud-prevention processes that rely on register data, and consider submitting feedback before the October 12, 2026 deadline.

The UK's Financial Reporting Council (FRC) has found no material issues with how 20 listed companies applied financial instruments accounting requirements, although its examination of their annual reports identified weaknesses in the clarity of certain financial disclosures.

The Belgian Financial Services and Markets Authority (FSMA) will hold its 2026 continuing education for accredited auditors in person in Brussels on November 19 and 24, with separate sessions by entity type. Registration is free but closes October 21, 2026, so audit and compliance teams should confirm attendance now to preserve accreditation standing.

The Belgian Financial Services and Markets Authority (FSMA) will hold two in-person continuing education sessions for certified auditors on November 19 and November 24, 2026, covering occupational retirement institutions and collective investment sectors. Registration is free but must be completed by October 21, 2026, through the FSMA Event app. Audit firms and their compliance teams should confirm attendance plans promptly to meet continuing education obligations.