Document ID: chunk:federal_register_of_legislation:F2024L00636:body:0:p4
Version: federal_register_of_legislation:F2024L00636
Segment Type: other
Provision Reference: 
Character Range: 7896–10849

RSE auditor(s) completes a separate auditor's report in respect of each RSE.
20.         An RSE licensee may engage an RSE auditor to prepare a single auditor's report covering some or all of any SAFs within its business operations, provided that:
(a)          the RSE licensee, consistent with its obligations under the SIS Act, the governing rules and Prudential Standard SPS 220 Risk Management (SPS 220), is satisfied that its risk management strategy adequately covers each of the SAFs covered by the single auditor's report;
(b)          the auditor's report is unmodified;
(c)          each SAF has been individually audited in accordance with relevant AUASB standards and guidance; and
(d)          the RSE licensee provides APRA with a listing of the SAFs covered by the single auditor's report.
21.         Where an RSE licensee is part of a group and the RSE auditor audits other entities in the group, to the extent that the auditor's report relates to the RSE licensee itself, an RSE auditor may prepare that part of the auditor's report (and any other documents required to be provided or maintained under this Prudential Standard) on whichever of the following bases the RSE auditor considers appropriate:
(a)          both the RSE licensee and the group, provided it is clear where the RSE auditor is referring to matters relating to the RSE licensee or the group; or
(b)          the RSE licensee on a standalone basis, separate to the group.

Responsibilities of the RSE auditor - reporting
22.         The auditor's report, which must be prepared by the RSE auditor, must, at a minimum, provide:
(a)          reasonable assurance addressing:
(i)            the information, relating to each RSE, required under the reporting standards made by APRA under the Financial Sector (Collection of Data) Act 2001 (FSCOD Act) that are identified in Attachment A as requiring reasonable assurance;
(ii)         compliance with the legislative provisions that are identified in Attachment B and any additional conditions APRA has imposed on the RSE licensee's RSE licence under section 29EA of the SIS Act; and
(iii)       the annual financial statements for each RSE that is a SAF, prepared in accordance with relevant Australian Accounting Standards issued by the Australian Accounting Standards Board; and
(b)          limited assurance addressing:
(i)            the information, relating to each RSE, required under the reporting standards made by APRA under the FSCOD Act that are identified in Attachment A as requiring limited assurance;
(ii)         the RSE licensee's systems, procedures and internal controls that are designed to ensure that the RSE licensee has complied with all applicable prudential requirements, has provided reliable data to APRA as required under the reporting standards made under the FSCOD Act, and has operated effectively throughout the year of income; and
(iii)       the RSE licensee's compliance with its