Document ID: chunk:federal_register_of_legislation:F2024L00637:body:0:p7
Version: federal_register_of_legislation:F2024L00637
Segment Type: other
Provision Reference: 
Character Range: 16440–19068

was a member of an audit firm or a director of an audit company or an individual auditor, and who served in a professional capacity in the audit of an RSE licensee in relation to RSE licensee law, cannot be appointed to the role of director or senior manager of that RSE licensee until at least two years have passed since they served in that professional capacity.
44.         A person, who was an employee of an audit company or audit firm, other than a director of that company or member of that firm, and who acted as the lead auditor or review auditor[20] in the audit of an RSE licensee's business operations in relation to RSE licensee law, cannot be appointed to the role of director or senior manager of that RSE licensee until at least two years have passed since they acted as the lead auditor or review auditor.
45.         A person cannot be appointed as a director or senior manager of an RSE licensee if:
(a)          the person was, or is, a director of the audit company or a member of the audit firm that was, or is, responsible for the audit of the RSE licensee in relation to RSE licensee law; and
(b)          there is already another person appointed or employed as a director or senior manager of the RSE licensee who was a director of the audit company or a member of the audit firm, at a time when the audit company or audit firm undertook an audit of the RSE licensee at any time during the previous two years.
46.         Until 1 July 2028, an individual who plays a significant role[21] in the audit of an RSE in relation to RSE licensee law, for five successive years, or for more than five years out of seven successive years, cannot continue to play a significant role in the audit until at least a further two years have passed, except with an exemption in writing from APRA. APRA may grant an exemption from this requirement if the individual provides specialist services that are otherwise not readily available or there are no other registered company auditors available to provide satisfactory services for the RSE licensee.[22]
47.         For the purposes of maintaining their independence and objectivity, the RSE auditor and RSE actuary cannot both be employed by the same body corporate or related bodies corporate, or by the same firm or related firms.

Persons not to be constrained from providing information to APRA[23]
48.         No prospective, current, or former officer, employee or contractor (including professional service provider) of an RSE licensee may be constrained or impeded, whether by confidentiality clauses or other means, from disclosing information to APRA, from