Australian Government
Auditing and Assurance Standards Board
Wednesday, September 24, 2025
The Competition and Consumer (Industry Code – Franchising) Regulations 2014 were repealed on 1 April 2025 and replaced by the Competition and Consumer (Industry Code – Franchising) Regulations 2024. When preparing auditor’s reports on franchisor solvency statements, auditors should refer to the new Code.
AUASB Guidance Statement GS 018 Franchising Code of Conduct – Auditor's Reports (issued June 2015) provides guidance on audits of solvency statements and includes an example auditor’s report under the 2014 Code. The AUASB intends to revise GS 018 in 2026 for the new Code, changes in auditing standards since 2014 and other matters. This may affect future audits and auditor’s reports.