Document ID: chunk:federal_register_of_legislation:F2024L00636:body:0:p1
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Superannuation (prudential standard) determination No. 2 of 2024

Prudential Standard SPS 310 Audit and Related Matters

Superannuation Industry (Supervision) Act 1993

I, Clare Gibney, a delegate of APRA:
    (a) under subsection 34C(6) of the Superannuation Industry (Supervision) Act 1993 REVOKE Superannuation (prudential standard) determination No. 4 of 2022, including Prudential Standard SPS 310 Audit and Related Matters made under that determination; and
    (b) under subsection 34C(1) of the Act, DETERMINE Prudential Standard SPS 310 Audit and Related Matters in the form set out in the Schedule, which applies to all RSE licensees.
This instrument commences on 30 June 2024.

Dated:  3 June 2024

Clare Gibney
Executive Director
Policy and Advice Division

Interpretation

In this instrument:

APRA means the Australian Prudential Regulation Authority.

RSE licensee has the meaning given in section 10(1) of the Act.

Prudential Standard SPS 310

Audit and Related Matters
About this Prudential Standard
Prudential Standard SPS 310 Audit and Related Matters (SPS 310) is a prudential standard in the governance pillar of APRA's superannuation prudential framework. It establishes requirements for the provision of independent advice in relation to the operations, financial position and risk controls of the business operations of an RSE licensee. This independent advice is designed to assist the Board and senior management of an RSE licensee in carrying out their responsibilities for the sound and prudent management of the business operations of the RSE licensee.
This Prudential Standard also outlines the roles and responsibilities of an RSE auditor and the obligations of an RSE licensee to make arrangements to enable the RSE auditor to fulfil their responsibilities.

Authority
     1. This Prudential Standard is made under section 34C of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

Application and commencement
2.             This Prudential Standard applies to all registrable superannuation entity (RSE) licensees (RSE licensees).[1]
3.             This Prudential Standard includes requirements that apply to the functions and duties of an RSE auditor for the purposes of section 35AC(3) of the SIS Act.[2]
4.             This Prudential Standard commences on 30 June 2024.

Interpretation
5.             Where this Prudential Standard provides for APRA to exercise a power or discretion, the power or discretion is to be exercised in writing.

Adjustments and exclusions
6.             APRA may adjust or exclude a specific requirement in this Prudential Standard in relation to:
(a)          a particular RSE licensee of an RSE; or
(b)          specified RSE licensees of RSEs.

Previous exercise of discretion
7.             An RSE licensee must contact APRA if it seeks to place reliance, for the purposes of complying with this Prudential Standard, on an exercise of discretion by APRA made under a previous version of this Prudential Standard.

Obligations of RSE licensees – RSE auditor appointment
8.             An RSE licensee must appoint