53Eligibility criteria for appointment as auditor or actuary

53 Eligibility criteria for appointment as auditor or actuary (1) For section 54E(3)(a) of the Act, this regulation specifies the eligibility criteria for the appointment of a person as the auditor or actuary of an approved scheme. (2) A trustee of the approved scheme is not eligible for appointment as an auditor or actuary of the scheme. (3) A person is not eligible for appointment as both the auditor and actuary of an approved scheme. (4) To be eligible for appointment as the auditor or actuary of an approved scheme a person must: (a) have appropriate formal qualifications to perform the role and be a member of an appropriate professional body; and (b) have adequate experience to perform the role, including at least 5 years experience in the general insurance industry or in acting for a fidelity fund scheme (not limited to a building industry scheme); and (c) have demonstrated competence and integrity in the conduct of his or her professional duties.

Chapter 3 Fidelity fund schemes and approved schemes Part 3.3 Approved schemes – general matters Division 1 Auditors and actuaries Building (RBI and Fidelity Fund Schemes) Regulations 2012 30 (5) A person is eligible for appointment as the auditor for an approved scheme only if the person is eligible under the Insurance Act 1973 (Cth) to audit the accounts of entities carrying on insurance business. (6) A person is not eligible for appointment as the auditor or actuary of an approved scheme if the person: (a) has been convicted of an offence: (i) against the Act, the Corporations Act 2001, the Insurance Act 1973 (Cth), or the Financial Sector (Collection of Data) Act 2001 (Cth); or (ii) against a law of any jurisdiction of Australia, or a foreign country, involving dishonest conduct; or (b) has been an insolvent under administration, as defined in the Corporations Act 2001; or (c) has an actual or potential conflict of interest that is likely to influence his or her ability to carry out the role of auditor or actuary with appropriate probity and competence.