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As organisations seek to alter their structure by engaging in foreign investments, the Australian Foreign Investment Review Board (FIRB) examines the acquisitions made by organisations and ensures they are conducted in alignment with the Foreign Acquisitions and Takeovers Act 1975 and Australia’s Foreign Investment Policy.
If your organisation had engaged with FIRB, you’re likely aware that FIRB sets specific data conditions that need to be met as part of contractual obligations, as well as undertaking an independent assessment and subsequent assurance report from a suitably qualified and independent auditor.
We have experience liaising with FIRB and can assist with unpacking the data conditions for your organisation, as well as conducting the independent assessment and assurance report.
We understand that foreign investments, and acquisitions can be complex with many moving parts. Our team have experience with the following:
- Engagement with FIRB regarding various requirements including: independent audit scope, approvals, amendments, evidence, independent assurance reporting and management and representation letters, etc.; and
- Conducting Independent Data Conditions Audits, with requirement inputs from various obligations from FIRB, including:
- No Objection Notifications;
- Exemption Certificates; and
- Variation Decision Letters.
RSM conducts these audits with the intent of identifying any compliance gaps against the Data Conditions, as well as identifying improvement areas which will enable better demonstration of compliance in the future, or increased protection of organisational data. We can unpack the conditions and translate these to your organisation in a manner which is easily digestible, and pride ourselves on supporting your needs to ensure a favourable outcome for all.
All organisations who are governed by the Foreign Investment Review Board (FIRB) will benefit from RSM advice regarding the data conditions stipulated in the No Objections Notifications, Exemption Certificates, and Variation Decision Letters, and the Data Conditions Audit and Independent Assurance report that is provided to FIRB on compliance with the conditions.
A Data Conditions Audit from RSM is an effective and affordable independent assessment of how your organisation is meeting the FIRB requirements over the defined time period. Given our experience with performing these audits, we understand the requirements and can support your organisation in demonstrating this to FIRB via the independent assurance report, and subsequent communications.
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