OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART I - PRELIMINARY  

REGULATION 4   APPROVED AUDITORS  

4(1)   [ Approved auditors specified for superannuation funds ]  

For the purposes of the definition of approved auditor in subsection 3(1) of the Act, the following classes of persons are specified in relation to a superannuation fund:

(a) persons who are independent registered auditors;

(ab) the Auditors-General of the Commonwealth, the States and the Territories;

(b) where all assets of the superannuation fund are in the form of life policies or deposits at call with an eligible bank or the superannuation fund has 5 members or less and those members agree not to require a registered auditor - persons who:

(i) are members of the Institute of Chartered Accountants, the Australian Society of Certified Practising Accountants or the Institute of Public Accountants or are members or fellows of the Association of Taxation and Management Accountants; and

(ii) are not trustees or members of, or contributors to, the fund, members of a management board, committee or other body exercising actual control over the policies of the fund or partners, employees or officers of such trustees, members or contributors; and

(iii) do not have actual control over the investments or administration of the fund and are not partners, employees or officers of persons having such control.

4(2)   [ Approved auditors specified for ADFs and PSTs ]  

For the purposes of the definition of approved auditor in subsection 3(1) of the Act, the following classes of persons are specified in relation to an approved deposit fund and a pooled superannuation trust:

(a) independent registered auditors;

(b) the Auditors-General of the Commonwealth, the States and the Territories;

4(3)   [ Independent auditor ]  

For the purposes of this regulation, a registered auditor is to be taken not to be independent in relation to a superannuation fund, an approved deposit fund or a pooled superannuation trust if the auditor is associated with the fund or trust as:

(a) a trustee of the fund or trust; or

(b) a member of the fund or trust; or

(c) a contributor to the fund; or

(d) a depositor with the fund; or

(e) a holder of units in the trust; or

(f) a member of a management board, committee or other body having control over the policies of the fund or trust; or

(g) a person having control over the investments or administration of the fund or trust; or

(h) a partner, employee or officer of a person referred to in paragraph (a), (b), (c), (d), (e), (f) or (g); or

(j) an employee or officer of the fund or trust, other than as its auditor.

4(4)   [ Independent auditor re PST ]  

For the purposes of this regulation, a registered auditor is to be taken not to be independent in relation to a pooled superannuation trust if the auditor is associated with a holder of units in the trust as:

(a) a trustee of the holder; or

(b) a member of the holder; or

(c) a contributor to the holder; or

(d) a depositor with the holder; or

(e) a member of a management board, committee or other body having control over the policies of the holder; or

(f) a person having control over the investment or administrative policies of the holder; or

(g) a partner, employee or officer of a person referred to in paragraph (a), (b), (c), (d), (e) or (f); or

(h) an employee or officer of the holder, other than as its auditor;

unless:

(j) the auditor:

(i) does not know; and

(ii) could not reasonably be expected to have known;

of that association; or

(k) the holder does not have a material interest in the trust.