Superannuation (prudential standard) determination No. 3 of 2013 - Prudential Standard SPS 310 - Audit and Related Matters
Obligations of RSE licensees — auditor’sObligations of RSE licensees — auditor’s report
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Obligations of RSE licensees – auditor’s report
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An RSE licensee must ensure that the RSE auditor provides a report to the Board on each audit of the operations of each RSE within the RSE licensee’s business operations, for each year of income (the auditor’s report)[7] that complies with this Prudential Standard. The RSE auditor must provide the report required under this paragraph to the RSE licensee. The audit required under this paragraph must also cover the operations of the RSE licensee in respect of that RSE.
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An RSE licensee must ensure that the RSE auditor provides the auditor’s report to the Board within sufficient time to enable the RSE licensee to submit the report to APRA within the period after the year of income to which the report relates, as specified in Attachment A. The RSE auditor must provide the report to the RSE licensee within that time. The report submitted to APRA by the RSE licensee must either be the original or a true copy. If the report is a true copy it must be verified by:
(a) if the RSE licensee is a body corporate— at least two directors of the body corporate; or
(b) if the RSE licensee is a group of individual trustees— at least two of those trustees.
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An RSE licensee must ensure that the auditor’s report is completed in respect of the RSE’s whole year of income, even if the RSE was transferred, in whole or in part, to the RSE licensee from another RSE licensee during that year of income.
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If an RSE was wound up during the year of income to which the report relates, an RSE licensee must ensure that the auditor’s report covers the period from the start of the RSE’s year of income to the date the RSE was wound up and is completed no later than within the period after the end of the year of income to which the report relates, as specified in Attachment A.
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Where an RSE licensee has more than one RSE within its business operations, the RSE licensee must ensure that an RSE auditor completes a separate auditor’s report in respect of each RSE.
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Notwithstanding the requirement for a separate report for each RSE set out in paragraph 16, an RSE licensee may engage an RSE auditor to prepare a single auditor’s report covering some or all of any small APRA funds (SAFs) within its business operations[8], provided that:
(a) the RSE licensee, consistent with its obligations under the SIS Act, the governing rules and Prudential Standard SPS 220 Risk Management (SPS 220), is satisfied that its risk management strategy adequately covers each of the SAFs covered by the single auditor’s report;