ASIC Form 5131 Sets Process for Member Appointment of Registered Scheme Auditors

Key Takeaways

• 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.

Deep Dive

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.

Form 5131 is a lodgement form, and the document itself introduces no new substantive obligations. The form and its guide are dated 1 September 2018, although the update is listed as 2026-09-16. This likely reflects a republication or website refresh, so teams should confirm whether anything has changed from the 2018 version. The form supports the mechanism in section 331AAC(1) of the Corporations Act 2001. Under it, a member of a registered scheme, rather than the responsible entity, can apply for the appointment of a scheme auditor. Responsible entities should know this route exists because it can arise in disputes or in situations where audit arrangements are contested.

The form requires several categories of information. The scheme section needs the registered scheme name, the Australian Registered Scheme Number (ARSN), the Australian Passport Fund Registration Number if applicable, and the responsible entity name and ACN/ABN. The lodgement contact details are also required. The auditor section needs the auditor registration number, the individual or authorised audit company name, the firm name if applicable, the address and the date of appointment. The form can carry details for more than one auditor. A member of the registered scheme must sign it, certifying that the information is true and complete.

The guide adds a key condition: an appointment can only be made with the written consent of the person, authorised audit company or firm concerned. Applicants must therefore obtain and keep that consent before lodging. If space runs out, applicants may photocopy pages or submit annexures. Annexures must meet formatting requirements. They must be on A4 paper with at least 10mm margins, show the scheme name, ARSN and APFRN, and have consecutively numbered pages. They must be printed in block letters in dark ink, carry an identifying mark and the prescribed endorsement wording, and be signed and dated by the same person who signed the form. Forms are lodged by post to ASIC at PO Box 4000, Gippsland Mail Centre VIC 3841. No specific deadline is stated in the document.

Recommended actions: (1) confirm that internal procedures for scheme audit appointments and member-initiated requests are current, and verify the form version against ASIC's website; (2) establish a process to verify auditor registration numbers, written consent and independence before any appointment is relied upon; (3) keep records of the appointment date, consent and lodgement; (4) ensure that responsible entity staff know how to respond if a member initiates an appointment. The risk impact is low. The main exposures are incomplete or inaccurate lodgements, missing auditor consent and weaknesses in audit governance. Personal information is also handled under ASIC's privacy policy.

Source: Australian Securities and Investments Commission