Document ID: chunk:federal_register_of_legislation:F2024C00757:reg:1:p2
Version: federal_register_of_legislation:F2024C00757
Segment Type: reg
Provision Reference: reg 1 (pt 2/22)
Character Range: 46232–51115

auditor's opinion as to whether the internal controls and other procedures of the back office operator, each custodian and any other relevant person acting on behalf of that operator were suitably designed and operated effectively in all material respects to ensure that:
         1.  prepares the content of the statements, reports or information; and                                                                            (a)  the annual investor statement for the relevant IDPS financial year is not materially misstated; and
         2.  gives it to a client contact operator covered by item 3 for giving or making available to clients                                              (b)  where the annual investor statement does not purport to include particulars of each transaction that would be required in quarterly reports for each quarter during the IDPS financial year:
       (an operator who performs both these functions is referred to in this table as a back office operator).                                                (i)   any quarterly reports are or have been given to the client contact operator without material misstatements; and
                                                                                                                                                              (ii)  any information given to the client contact operator to be made accessible electronically under subsection (30) during the IDPS financial year is not materially misstated at each quarter's end in the IDPS financial year.
                                                                                                                                                         2. The auditor's opinion as to whether the aggregates of assets (other than assets held by a client), liabilities, revenue and expenses shown in an annual investor statement for the relevant IDPS financial year given to the client contact operator have been properly reconciled in all material respects to the corresponding amounts shown in the reports prepared by the custodian and which have been independently audited.
                                                                                                                                                         3. The auditor's statement as to whether or not the auditor has any reason to believe that:
                                                                                                                                                            (a)  any annual investor statement for the relevant IDPS financial year given to the client contact operator is materially misstated; and
                                                                                                                                                            (b)  if the annual investor statement does not generally purport to include particulars of each transaction that would be required in quarterly reports for each quarter during the IDPS financial year:
                                                                                                                                                              (i)   any quarterly reports given for the IDPS financial year are materially misstated; and
                                                                                                                                                              (ii)  any information provided for the purpose of being made accessible electronically under subsection (30) that has been given to the client contact operator and relates to any of the following was materially misstated at each quarter's end in the IDPS financial year:
                                                                                                                                                                 (A) transactions during the IDPS financial year;
                                                                                                                                                                 (B) assets held during the IDPS financial year and any corresponding liabilities;
                                                                                                                                                                 (C) revenue and expenses for the IDPS financial year.
3.     Client Contact Operator                                                                                                                          Auditor's Report
       An operator who:                                                                                                                                The auditor's opinion as to whether the internal controls and other procedures of the client contact operator and any other relevant person acting on behalf of the client contact operator were suitably