Licensees have a legislative obligation to provide the ERA with an audit report and, if applicable, an asset management review report, once every 24 months or any longer period approved by the ERA.
The ERA publishes guidelines to inform licensees and external auditors about our requirements for conducting audits and reviews. Licensees and auditors must comply with the guidelines when undertaking an audit or review.
The last major review of the guidelines was in 2019. The 2024/25 review is being conducted to ensure the guidelines remain current and fit for purpose, including ensuring the audit and review process is efficient and not causing licensees to incur unnecessary regulatory costs.
While it is a licence condition to comply with the guidelines, they are not a legislative instrument. It is at the ERA’s discretion what the guidelines require and when they are reviewed. The purpose of the guidelines is to ensure auditors apply a consistent approach to conducting audits and reviews and to help licensees comply with their obligation to have audits and reviews.
