Document ID: chunk:federal_register_of_legislation:C2010C00544:clause:3_35c:p1
Version: federal_register_of_legislation:C2010C00544
Segment Type: clause
Provision Reference: sch 3 cl 35C (pt 1/2)
Character Range: 142855–145498

35C  Audit of accounts and statements (all superannuation entities)

 (1) For each year of income, each trustee of a superannuation entity must ensure that an approved auditor is appointed to give the trustee or trustees a report, in the approved form, of the operations of the entity, and the RSE licensee (if any) of the entity, for that year. The appointment must be made within whichever of the periods set out in the regulations applies to the entity.

 (2) If an auditor requests, in writing, a trustee of a superannuation entity to give the auditor a document, each trustee of the entity must ensure that the document is given to the auditor within 14 days of the request being made. Only documents that are relevant to the preparation of the report may be requested.

 (3) A trustee commits an offence if the trustee contravenes subsection (1) or (2).

Penalty: Imprisonment for 2 years.

 (4) A trustee commits an offence if the trustee contravenes subsection (1) or (2). This is an offence of strict liability.

Penalty: 50 penalty units.

Note: For strict liability, see section 6.1 of the Criminal Code.

 (5) Without limiting subsection (1), an approved form:
 (a) must, if it is approved for a registrable superannuation entity, either:
 (i) relate solely to the audit of financial statements given to APRA under the Financial Sector (Collection of Data) Act 2001 and prepared in respect of a year of income; or
 (ii) relate only to the audit of those statements and of any other accounts and statements, prepared in respect of a year of income, that are identified in the form; and
 (b) must, if it is approved for a superannuation entity that is a self managed superannuation fund—either:
 (i) relate solely to the audit of the accounts and statements referred to in subsection 35B(1) and prepared in respect of a year of income; or
 (ii) relate only to the audit of those accounts and statements and of any other accounts and statements, prepared in respect of a year of income, that are identified in the form; and
 (c) must include a statement by the auditor as to whether, in the auditor's opinion, each trustee of the entity and the RSE licensee (if any) of the entity has, during the year of income, complied with the provisions of:
 (i) this Act and the regulations; and
 (ii) if the entity is a registrable superannuation entity—the Financial Sector (Collection of Data) Act 2001, the Corporations Act 2001 and the regulations under that Act;
  that are identified in the form; and
 (d) must, if it is approved for a registrable superannuation entity that is registered under Part 2B, include a statement by the auditor