ASIC Form 5114 Sets Notification Process for Changing Compliance Plan Auditors of Registered Schemes

Key Takeaways

• ASIC has published Form 5114, which responsible entities of registered schemes use to notify ASIC of a change in compliance plan auditor under s601HI of the Corporations Act 2001.
• The notice must be lodged as soon as practicable after the change, and it follows a prior ASIC consent process (Forms 5112 and 5113) in cases of resignation or removal.
• Compliance teams should confirm that auditor transition procedures cover consent, disclosure, and lodgement steps.

Deep Dive

ASIC has published Form 5114, which responsible entities of registered schemes use to notify ASIC of a change in compliance plan auditor under s601HI of the Corporations Act 2001. The notice must be lodged as soon as practicable after the change, and it follows a prior ASIC consent process (Forms 5112 and 5113) in cases of resignation or removal. Compliance teams should confirm that auditor transition procedures cover consent, disclosure, and lodgement steps.

Form 5114 is the notification step that closes out an auditor change for a registered managed investment scheme. The responsible entity reports the reason for the change (resignation, removal, death, or ineligibility under s601HG(2)), the ceasing auditor's details, and the new auditor's details and appointment date. A director or secretary of the responsible entity must sign it, with a declaration that the information is true and complete. Providing false or misleading information to ASIC is an offence. Note that the form carries a December 2024 version date, although the update is listed as 2026-09-16. Teams should confirm they are using the current version from ASIC's website.

The form is not prescribed and its use is optional, but ASIC prepared it to capture the information it requires, so deviating from it carries practical risk of rejection or follow-up. The key sequencing requirements are in the guide. For a resignation, the auditor must first obtain ASIC consent using Form 5113. For a removal, the responsible entity must first obtain consent using Form 5112. No consent is required where the auditor has become ineligible under s601HG(2). Consent for a resignation takes effect on the latest of the consent date, any date in the auditor's notice, or any date ASIC specifies. Consent for a removal takes effect only when all conditions are met, which generally includes disclosure.

Timing and disclosure obligations are central. Lodgement is due "as soon as practicable after the change." No late fee applies, but a lodgement fee does, and a form is not treated as lodged until ASIC receives and accepts it as compliant with s1274(8). Disclosing entities may need to make a continuous disclosure notice to ASIC or the relevant market operator under RG 26. Other schemes should follow ASIC's best practice of a prominent public notice on the responsible entity's website, near the effective date, that members can readily locate. Annexures must meet formatting rules (A4, scheme name and ARSN, consecutive page numbers, signed by the same signatory).

Recommended actions: (1) embed an auditor change checklist in compliance plan governance covering Forms 5112/5113, RG 26 disclosure, and Form 5114; (2) assign ownership for the director or secretary sign-off and set an internal lodgement deadline; (3) pre-draft website and market disclosure templates; (4) verify new auditor eligibility, registration number, and independence under s601HG before appointment; and (5) retain evidence of lodgement acceptance, since receipts are issued only on request. The main risks are late or inaccurate lodgement, ineffective removal or resignation due to unmet consent conditions, inadequate member disclosure, and gaps in independent compliance plan audit coverage during a transition, which could draw regulatory scrutiny of the responsible entity.

Source: Australian Securities and Investments Commission