Treasury Laws Amendment (2022 Measures No. 4) Act 2023 (29 of 2023)

Schedule 6   Financial reporting and auditing requirements for superannuation entities

Part 2   Amendments of other Acts

Superannuation Industry (Supervision) Act 1993

226   At the end of section 35AC

Add:

(7) The RSE licensee of the registrable superannuation entity must end the appointment of a firm or company as an auditor of the entity if the RSE licensee becomes aware that:

(a) the lead auditor for an audit of the entity that is conducted, or to be conducted, by the firm or company:

(i) no longer meets the eligibility criteria for auditors of registrable superannuation entities set out in the prudential standards; or

(ii) has been disqualified from being or acting as an auditor of a registrable superannuation entity under section 130D; or

(b) the firm or company has been disqualified from being or acting as an auditor of a registrable superannuation entity under section 130EA.

(8) If the registrable superannuation entity is a registrable superannuation entity within the meaning of Chapter 2M of the Corporations Act 2001, the RSE licensee for the entity must ensure that the appointed auditor of the entity is the individual, firm or company that is the auditor of the entity for the purposes of that Chapter.

(9) If:

(a) the registrable superannuation entity is a registrable superannuation entity within the meaning of Chapter 2M of the Corporations Act 2001; and

(b) an individual, firm or company ceases to be the auditor of the entity for the purposes of that Chapter;

then, for the purposes of the RSE licensee law, the appointment of the individual, firm or company as the auditor of the entity ends at the time of the cessation.