Superannuation (prudential standard) determination No. 3 of 2024
Internal auditInternal audit
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Internal audit
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An RSE licensee must have an independent and adequately resourced internal audit function. An RSE licensee may outsource this function where the outsourcing agreement meets the requirements of Prudential Standard SPS 231 Outsourcing. If an RSE licensee does not believe it is necessary to have a dedicated internal audit function, it must apply to APRA to seek an exemption from this requirement, setting out reasons why it believes it should be exempt. APRA may approve alternative arrangements in writing for an RSE licensee where APRA is satisfied that they will achieve the same objectives.
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The objectives of the internal audit function must include evaluation of the adequacy and effectiveness of the financial and risk management framework of the RSE licensee.[16] To fulfil its functions, the internal auditor must, at all times, have unfettered access to all the RSE licensee’s business lines and support functions.