Frequently asked questions
This section is designed to provide you with answers to commonly asked questions in relation to aspects of the Financial Requirements for Licensing Policy.
Information covers:
Annual Turnover and Allowable Annual Turnover - what it is and how it can be modified
Appropriately Qualified Persons - who can prepare financial reports
Audit Licensees - requirements for entities requiring to be audited
Current Ratio - maintaining a current ratio and ratio calculation
Deed of Covenant and Assurance - who can provide a Deed and when can a Deed be used
Due Dates - suspension for failure to provide financial information by due date
Exemption from Professional Indemnity Insurance - when an exemption can be requested and how this is done
Minimum Monitoring Requirements - what are the minimum financial monitoring requirements and who can carry these out
Net Tangible Assets - what they are, how they are calculated and the consequences of having negative NTA
Submitting Reports and Documents - how to submit Independent Review and Audit Reports and other financial documentation to BSA
