Get a plain-English read of Special purpose engagements

Turn the raw legal text into a practical explanation grounded in Superannuation (prudential standard) determination No. 2 of 2024.

Special purpose engagements

APRA may require an RSE licensee to engage an auditor, who may be the existing RSE auditor or another auditor as specified by APRA, to provide a report on a particular aspect of the RSE licensee’s business operations, compliance with prudential requirements or the RSE licensee’s risk management framework.
An auditor engaged for a special purpose engagement must provide limited assurance on the matters upon which the auditor is required to report unless otherwise determined by APRA and advised to the RSE licensee in writing.
Unless otherwise determined by APRA, an auditor engaged for a special purpose engagement must submit, within three months of the date of the notice commissioning the report, the auditor’s report simultaneously to APRA and to the Board.
An auditor must modify the report referred to in paragraph 28 for breaches of laws relating to the matters upon which the auditor is required to report which, in the auditor’s professional opinion, are material. In forming an opinion as to whether a breach is material, the auditor must refer to relevant AUASB standards and guidance.