54EAppointment of auditor and actuary

54E Appointment of auditor and actuary (1) The trustees of an approved scheme must appoint: (a) a person as the scheme's auditor; and (b) another person as the scheme's actuary. (2) The trustees must apply in writing to the Minister to approve the appointment. (3) The Minister may, by written notice to the trustees: (a) if satisfied the person meets the eligibility criteria for the appointment as specified by regulation – approve the appointment; or (b) otherwise – refuse to approve the appointment. Building Act 1993 68 (4) The appointment of a person as the auditor or actuary of an approved scheme takes effect only: (a) after the appointment has been approved; and (b) if no other person is currently appointed to the position. (5) No later than 6 weeks after a person ceases to be the auditor or actuary for an approved scheme, the trustees of the scheme must appoint another person to the position. (6) A regulation may deal with all matters relating to the appointment of a person as an auditor or actuary of an approved scheme, including (a) the application for approval of the person; (b) the approval or refusal to approve; (c) the revocation of approval; (d) a person ceasing to be the auditor or actuary; (e) giving notices relevant to the appointment. 54EA Auditor's role (1) The auditor for an approved scheme must, in accordance with the prudential standards: (a) exercise the functions of an auditor as prescribed by the prudential standards; and (b) ascertain, and report on, whether the trustees of the scheme are complying with the prudential standards; and (c) prepare, and give to the trustees of the scheme, the reports the prudential standards require the auditor to prepare; and (d) give the trustees the certificates relating to the scheme's accounts the prudential standards require the auditor to prepare. (2) A report given under subsection (1)(c) must deal with everything the prudential standards require the report to deal with. (3) A certificate given under subsection (1)(d) must contain statements of the auditor's opinion on the matters the prudential standards require the certificate to contain. Building Act 1993 69 54EB Actuary's role (1) The actuary for an approved scheme must, in accordance with the prudential standards: (a) exercise the functions of an actuary as specified in the prudential standards; and (b) prepare, and give to the trustees of the scheme, the reports the prudential standards require the actuary to prepare. (2) A report given under subsection (1)(b) must include all the information the prudential standards require the report to include. 54EC Compliance with prudential standards The auditor or actuary for an approved scheme must comply with the prudential standards relating to the performance of the functions of the position. 54ED Notice to Minister about insolvency or contravention (1) This section applies if the auditor or actuary for an approved scheme forms the belief that: (a) the scheme is insolvent, or there is a significant risk that it will become insolvent; or (b) the trustees have contravened this Act or another law in force in the Territory in relation to the scheme. (2) The auditor or actuary must give the Minister written notice about the matter within 7 days after the day on which the belief is formed. 54EE Giving information to Minister (1) This section applies in relation to a person who is, or has been, an auditor or actuary for an approved scheme. (2) The person may give information to the Minister about the approved scheme if the person considers that giving the information will assist the Minister to exercise the Minister's functions in relation to the scheme. Building Act 1993 70 (3) The Minister may, by written notice given to a person mentioned in subsection (1), require the person to give the Minister specified information about the approved scheme within a specified reasonable time. (4) A person must not contravene a notice under subsection (3). 54EF Appointment of special actuary to investigate liabilities (1) The Minister may, by written notice given to the trustees of an approved scheme, require the trustees to appoint a person as a special actuary for the scheme: (a) to investigate all or some of the scheme's liabilities as at a particular time; and (b) to give the Minister a written report within a specified period. (2) An approved scheme must meet the expenses associated with the appointment of a person as its special actuary. (3) A person appointed as a special actuary for an approved scheme must meet the eligibility criteria for appointment prescribed by regulation. (4) A regulation may deal with matters relating to the appointment of a person as a special actuary for an approved scheme, including procedures: (a) the trustees of the approved scheme must follow in relation to the appointment; and (b) to be followed if the Minister considers that the person appointed is unsuitable to hold the appointment. 54EG Special actuary's report (1) The trustees of an approved scheme must ensure that a special actuary's report is given to the Minister: (a) within 30 days after the day on which the Minister gave notice to the trustee's under section 54EF(1); or (b) within the further time the Minister allows in writing. (2) An offence against subsection (1) is a regulatory offence. Building Act 1993 71 (3) A special actuary's report must be signed by the special actuary and include the information required by regulation. 54EH Obligations of trustees to auditor, actuary and special actuary (1) The trustees of an approved scheme must make the arrangements necessary to enable the auditor, actuary or special actuary for the scheme to exercise the functions of that position in relation to the scheme. (2) An offence against subsection (1) is a regulatory offence. 54EI Protection of auditor, actuary and special actuary from liability The auditor, actuary or special actuary for an approved scheme does not incur civil liability, or criminal liability under the Defamation Act 2006, for an act or omission done honestly and without negligence for this Act.