Superannuation (prudential standard) determination No. 3 of 2013 - Prudential Standard SPS 310 - Audit and Related Matters
Obligations of RSE licensees — auditor aObligations of RSE licensees — auditor appointment
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Obligations of RSE licensees – auditor appointment
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An RSE licensee must annually appoint an RSE auditor for each RSE within the RSE licensee’s business operations as soon as practicable but, in any event, no later than the last day of each year of income to which the appointment relates.[2]
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Where an RSE licensee is a member of a group[3], the auditor engaged by that group may also be engaged as the RSE auditor for an RSE within the RSE licensee’s business operations under this Prudential Standard, provided that auditor meets all relevant requirements of this Prudential Standard.
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An RSE licensee must set out the terms of engagement of the RSE auditor in a legally binding contract between the RSE licensee and the RSE auditor. The RSE auditor must comply with the terms of engagement. The terms of engagement must:
(a) require the RSE auditor to fulfil the roles and responsibilities of the RSE auditor as specified in this Prudential Standard and in the manner specified in this Prudential Standard;
(b) require the RSE auditor, in meeting his or her role and responsibilities, to comply with relevant standards and guidance statements issued by the Auditing and Assurance Standards Board (AUASB) (relevant AUASB standards and guidance) to the extent that they are not inconsistent with the requirements of this Prudential Standard and other prudential requirements.[4] If they are inconsistent:
(i) this Prudential Standard prevails; or
(ii) APRA may notify the RSE licensee in writing that alternative standards and guidance must be used by the RSE auditor; and
(c) refer the RSE auditor to the relevant provisions in the SIS Act.[5]
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An RSE licensee must use all reasonable endeavours to ensure that the RSE auditor complies with the terms of engagement contained in paragraph 7.
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An RSE licensee must use all reasonable endeavours to assist the RSE auditor in being fully informed of all prudential requirements applicable to the RSE licensee.
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An RSE licensee must ensure that the RSE auditor has access to all data, information, reports and staff in respect of the RSE licensee’s business operations that the RSE auditor reasonably believes necessary to fulfil his or her role and responsibilities under the SIS Act and this Prudential Standard. This must include access to the Board of the RSE licensee (the Board)[6], Board Audit Committee, internal auditor(s) and any information APRA has provided to the RSE licensee, as required by the RSE auditor.