Treasury Laws Amendment (2022 Measures No. 4) Act 2023 (29 of 2023)
Schedule 6 Financial reporting and auditing requirements for superannuation entities
Part 1 Amendment of the Corporations Act 2001
Corporations Act 2001
95 After Division 2 of Part 2M.4
Insert:
Division 2A - Eligibility requirements for auditors of registrable superannuation entities
324BF Eligibility requirements for auditors of registrable superannuation entities
(1) An individual contravenes this section if:
(a) the individual:
(i) consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or
(ii) acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or
(iii) prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and
(b) the person:
(i) does not meet the eligibility criteria for auditors of registrable superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993) set out in the prudential standards (within the meaning of that Act); or
(ii) has been disqualified from being, or acting as, an auditor of a registrable superannuation entity (within the meaning of the Superannuation Industry (Supervision) Act 1993) under section 130D of that Act; or
(iii) is a member or employee of a firm that is disqualified under section 130EA of the Superannuation Industry (Supervision) Act 1993; or
(iv) is a director or employee of a company that is disqualified under section 130EA of the Superannuation Industry (Supervision) Act 1993.
(2) A company contravenes this section if:
(a) the company:
(i) consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or
(ii) acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or
(iii) prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and
(b) the company is disqualified under section 130EA of the Superannuation Industry (Supervision) Act 1993.
(3) A member of a firm contravenes this section if:
(a) the firm:
(i) consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or
(ii) acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or
(iii) prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and
(b) the firm is disqualified under section 130EA of the Superannuation Industry (Supervision) Act 1993.
(4) A company contravenes this section if:
(a) the company:
(i) consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or
(ii) acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or
(iii) prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and
(b) the lead auditor for an audit of a registrable superannuation entity conducted by the company:
(i) does not meet the eligibility criteria for auditors of registrable superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993) set out in the prudential standards (within the meaning of that Act); or
(ii) has been disqualified from being, or acting as, an auditor of a registrable superannuation entity (within the meaning of the Superannuation Industry (Supervision) Act 1993) under section 130D of that Act.
(5) A member of a firm contravenes this section if:
(a) the firm:
(i) consents to be appointed as auditor of a registrable superannuation entity for the purposes of this Chapter; or
(ii) acts as auditor of a registrable superannuation entity for the purposes of this Chapter; or
(iii) prepares a report required by this Act to be prepared by an auditor of a registrable superannuation entity; and
(b) the lead auditor for an audit of a registrable superannuation entity conducted by the firm:
(i) does not meet the eligibility criteria for auditors of registrable superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993) set out in the prudential standards (within the meaning of that Act); or
(ii) has been disqualified from being, or acting as, an auditor of a registrable superannuation entity (within the meaning of the Superannuation Industry (Supervision) Act 1993) under section 130D of that Act.