Additional criteria applying to RSE audiAdditional criteria applying to RSE auditors[15]

Additional criteria applying to RSE auditors[15]

20. The criteria for fitness and propriety of an individual RSE auditor and a lead auditor, for the purposes of the SIS Act are those contained in paragraphs 19 and 21.[16]

21. The additional criteria which must be met for an individual RSE auditor and a lead auditor to be fit and proper are that the person:

(a) is registered as an auditor under the Corporations Act 2001 (Corporations Act) or is the Auditor-General (or a delegate of the Auditor-General) of the Commonwealth, a State or Territory;

(b) is not the Chief Executive Officer (CEO) or a director or employee of (i) the RSE licensee or (ii) a connected entity;

(c) has a minimum of five years’ relevant experience in the audit of the business operations of RSE licensees;

(d) has experience relating to the business operations of RSE licensees that is sufficiently relevant and recent to provide reasonable assurance that the person is familiar with current issues in the audit of the business operations of RSE licensees;

(e) is not:

(i) the RSE actuary of an RSE within the RSE licensee’s business operations;

(ii) an employee or director of a body corporate, statutory body, partnership, trust, or commercial or professional enterprise of any kind of which the RSE actuary is an employee or director[17]; or

(iii) a partner of the RSE actuary;

(f) is a member of a recognised professional body; and

(g) is ordinarily resident in Australia.

22. A criterion in paragraph 21 does not apply if the following conditions are met:

(a) the RSE licensee reasonably considers that there are exceptional circumstances;

(b) the RSE licensee has promptly notified APRA that the criterion is not satisfied and of the exceptional circumstances as to why it should not apply; and

(c) APRA has notified the RSE licensee that APRA has no objections to the person holding the position in question.