Document ID: chunk:federal_register_of_legislation:F2024L00637:body:0:p9
Version: federal_register_of_legislation:F2024L00637
Segment Type: other
Provision Reference: 
Character Range: 21377–24137

of this Prudential Standard, a reference to a 'connected entity' has the meaning given in subsection 10(1) of the SIS Act.
[7]  For the purposes of this Prudential Standard, a reference to 'a group' is a reference to a group comprising the RSE licensee and all connected entities of the RSE licensee.
[8]  Refer also to Prudential Standard SPS 220 Risk Management (SPS 220) for requirements relating to the management of governance risk.
[9]  For the purposes of this Prudential Standard, a reference to 'board committees' is a reference to the Board Audit Committee, the Board Remuneration Committee required under CPS 511 and any other committees which meet the description set out in paragraph 11 of this Prudential Standard.
[10]  For the purpose of this Prudential Standard, a reference to 'tenure' is a reference to the total length of service of an individual director on the Board (including non-continuous service).
[11]  Refer to Prudential Standard SPS 520 Fit and Proper (SPS 520) for requirements relating to the fitness and propriety of responsible persons.
[12]  Refer to Prudential Standard SPS 521 Conflicts of Interest (SPS 521) for requirements relating to the management of conflicts.
[13]  For the purpose of this Prudential Standard, a reference to 'a non-executive director' is a reference to a director who is not a member of the RSE licensee's management. Non-executive directors may include Board members or senior managers of the parent company of the RSE licensee or of the parent company's subsidiaries, but not executives of the RSE licensee.
    [14]  APES 110 Code of Ethics for Professional Accountants was issued by the Accounting Professional and Ethical Standards Board in November 2018.
[15]  'Individual RSE auditor' has the meaning given by section 10(1) of the SIS Act. 'Lead auditor' has the meaning given by section 11F of the SIS Act.
[16]  Refer to SPS 220 for the requirement to review the risk management framework.
[17]  Refer to Part 2M.4 of the Corporations Act.
[18]  Independent of the RSE licensee means that the auditor has been assessed as independent in terms of paragraph 29 of this Prudential Standard. Refer to SPS 521 for requirements to identify relevant interests and relevant duties for all responsible persons.
[19]  Refer to sections 324CA - 324CD of the Corporations Act that describes the circumstances under which a conflict of interest situation is considered to exist. Without limiting the situations that may cause a conflict to arise for the purposes of this Prudential Standard, it is expected that any circumstances of the type that would lead to a breach of Division 3 of Part 2M.4 of the Corporations Act will also result in a breach of the provisions of this Prudential Standard.
[20]