If you hold an AFSL you have to have an auditor registered with
ASIC. But the way you register the auditor could have large
compliance ramifications down the track.
You can appoint either an individual or a firm of auditors. If
you have a strong relationship with an individual auditor, you may
want to appoint them so that they will continue to act for you even
if they move to a different firm. However, if your relationship is
with the firm, you should appoint the firm so that your business
will stay there regardless of staff movements.
This is very important if you need or want to change your
auditor. You need ASIC's consent to remove your registered
auditor and before you can register a new auditor. This consent is
unlikely to be granted unless you make the application for removal
at the same time as your audit is lodged. ASIC's view is that
the compliance component of the audit is a continual process over
the whole year. If you apply to remove your auditor
