Superannuation Industry (Supervision) Act 1993

PART 16 - ACTUARIES AND AUDITORS OF SUPERANNUATION ENTITIES

Division 4 - Offences and failure to carry out duties etc.

View history reference

View history note

SECTION 131A THE REGULATOR MAY REFER MATTERS TO A PROFESSIONAL ASSOCIATION

View history reference

131A(1)

View history reference

If the Regulator is of the opinion that an individual RSE auditor, a lead auditor or a superannuation actuary:

(a)

View history reference

has failed, whether within or outside Australia, to carry out or perform adequately and properly:

(i) the duties of an auditor or an actuary under this Act, the regulations or the prudential standards; or

(ia) the duties of a lead auditor under this Act, the regulations, the prudential standards or Chapter 2M of the Corporations Act 2001 ; or

(ii) any duties required by a law of the Commonwealth, a State or a Territory to be carried out or performed by an auditor or an actuary; or

(iii) any functions that an auditor or actuary is entitled to perform in relation to this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 ; or

(iv) any duties required to be performed under the Financial Accountability Regime Act 2023 ; or

(aa)

View history reference

has been or acted as the auditor or actuary of a registrable superannuation entity, knowing that he or she did not meet the relevant eligibility criteria set out in the prudential standards; or

(ab)

View history reference

has been or acted as the lead auditor for an audit of a registrable superannuation entity, knowing that the person did not meet the relevant eligibility criteria set out in the prudential standards; or

(b)

View history reference

is otherwise not a fit and proper person to be an individual RSE auditor, a lead auditor or a superannuation actuary for the purposes of this Act;

the Regulator may refer the details of the matter to the persons specified in subsection (2) .

Note:

Persons to whom the Regulator refers the details of the matter are subject to secrecy obligations under section 56 of the Australian Prudential Regulation Authority Act 1998 (if APRA is the Regulator) or Division 355 in Schedule 1 to the Taxation Administration Act 1953 (if the Commissioner of Taxation is the Regulator). In particular, see paragraph (c) of the definition of officer in subsection (1) , and subsections (2) , (9) and (10) , of section 56 of the Australian Prudential Regulation Authority Act 1998 and sections 355-15 and 355-25 in Schedule 1 to the Taxation Administration Act 1953 .

View history note

History

S 131A(1) amended by No 68 of 2023, s 3 and Sch 1 item 92, by inserting para (a)(iv), effective 15 September 2023.

S 131A(1) amended by No 29 of 2023, s 3 and Sch 6 items 257 - 260, by substituting " individual RSE auditor, a lead auditor " for " RSE auditor " , inserting para (a)(ia), para (ab) and substituting " individual RSE auditor, a lead auditor " for " RSE auditor " in para (b), effective 1 July 2023.

S 131A(1) amended by No 61 of 2013, s 3 and Sch 1 items 96 - 100, by substituting " an RSE auditor or a superannuation actuary " for " an approved auditor (other than an approved SMSF auditor) or an actuary " (first occurring), substituting " , the regulations or the prudential standards " for " or the regulations " in para (a)(i), substituting " , the regulations, the prudential standards " for " or the regulations " in para (a)(iii), inserting para (aa) and substituting " an RSE auditor or a superannuation actuary " for " an approved auditor of a superannuation entity that is not a self managed superannuation fund, or to be an actuary, " in para (b), effective 1 July 2013.

S 131A(1) amended by No 158 of 2012, s 3 and Sch 2 items 32 - 33, by inserting " (other than an approved SMSF auditor) " and substituting " of a superannuation entity that is not a self managed superannuation fund, or to be an actuary, " for " or an actuary " in para (b), effective 31 January 2013. For application provisions see note under Pt 16 Div 1A heading.

S 131A(1) amended by No 145 of 2010, s 3 and Sch 2 item 84, by substituting " or Division 355 in Schedule 1 to the Taxation Administration Act 1953 (if the Commissioner of Taxation is the Regulator). In particular, see paragraph (c) of the definition of officer in subsection (1), and subsections (2), (9) and (10), of section 56 of the Australian Prudential Regulation Authority Act 1998 and sections 355-15 and 355-25 in Schedule 1 to the Taxation Administration Act 1953 " for " or section 252C of this Act (if the Commissioner of Taxation is the Regulator). In particular, see paragraph (c) of the definition of officer in subsection (1), and subsections (2), (9) and (10), of those sections " in the note at the end, effective 17 December 2010.

S 131A(1) amended by No 121 of 2001, s 3 and Sch 2 item 139, by inserting " or the Financial Sector (Collection of Data) Act 2001 " after " regulations " in para (a)(iii), effective 1 July 2002. For application provision see history note under s 36(1).

S 131A(1) amended by No 24 of 2000, s 3 and Sch 10 item 9, by substituting all the text following para (b), and by inserting the Note, effective 3 April 2000. The substituted text formerly read:

the Regulator:

(c) may refer the details of the matter to the persons specified in subsection (2); and

(d) if the Regulator does so - must inform the person to whom the details are referred of the person ' s obligations under subsection 346(6B).

S 131A(1) amended by No 121 of 1999, s 3 and Sch 1 item 94, by substituting " the Regulator " for " APRA " (wherever occurring), effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .

S 131A(1) amended by No 54 of 1998.

131A(1A)

View history reference

In deciding whether it is satisfied as mentioned in paragraph (1)(b) in relation to a person who is or has been an individual RSE auditor, a lead auditor or an RSE actuary, the Regulator may also take into account any criteria for fitness and propriety that are relevant to the auditor or actuary set out in the prudential standards.

View history note

131A(2)

View history reference

The persons specified in relation to an individual RSE auditor, a lead auditor or a superannuation actuary for the purposes of subsection (1) are those members of the auditor ' s or actuary ' s professional association whom the Regulator believes will be involved:

(a) in deciding whether the professional association should take any disciplinary or other action against the auditor or actuary in respect of the matter referred; or

(b) in taking that action.

View history note

131A(3)

View history reference

In relation to an individual RSE auditor, a lead auditor or a superannuation actuary, the power of the Regulator under subsection (1) may be exercised whether or not an order disqualifying the auditor or actuary has been made under section 130D or 131 .

View history note

131A(4)

View history reference

If, under this section, the Regulator refers details of a matter involving an individual RSE auditor, a lead auditor or a superannuation actuary, the Regulator must, as soon as practicable but, in any event, not later than 7 days after the referral, by notice in writing given to the auditor or actuary, inform the auditor or actuary:

(a) of the fact that a matter has been referred under subsection (1) ; and

(b) of the nature of the matter so referred.

View history note

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.