Document ID: chunk:federal_register_of_legislation:F2024L00636:body:0:p3
Version: federal_register_of_legislation:F2024L00636
Segment Type: other
Provision Reference: 
Character Range: 5506–8143

is a fit and proper person in accordance with the RSE licensee's Fit and Proper Policy as required by SPS 520; and
(d)          satisfies the auditor independence requirements in SPS 510.
14.         As applicable, an RSE licensee must ensure that an RSE audit firm or an RSE audit company[10]:
(a)          is not disqualified under section 130EA of the SIS Act; and
(b)          satisfies the independence requirements in SPS 510.

Obligations of RSE licensees – RSE auditor's report
15.         An RSE licensee must ensure that the RSE auditor provides a report to the Board on the audit of the operations of each RSE within the RSE licensee's business operations, for each year of income, that complies with this Prudential Standard (refer to paragraph 22). The auditor's report must cover the operations of the RSE licensee in respect of that RSE to the extent required to provide the assurances specified in paragraph 22.
16.         An RSE licensee, other than an RSE licensee of a small APRA fund (SAF), may lodge the auditor's report required under paragraph 22 with ASIC, together with the report lodged with ASIC in accordance with section 319 of the Corporations Act.[11] The APRA and ASIC components of the auditor's report may be contained in a single document. Alternatively, the RSE licensee must lodge the report required under paragraph 22 with APRA within three months after the end of the year of income to which the report relates. An RSE licensee of a SAF must submit the auditor's report required under paragraph 22 to APRA within three months after the end of the year of income to which the report relates.
17.         An RSE licensee must ensure that the auditor's report is completed in respect of the RSE's whole year of income, even if the RSE was transferred, in whole or in part, to the RSE licensee from another RSE licensee during that year of income.
18.         If an RSE was wound up during the year of income to which the report relates, an RSE licensee must ensure that the auditor's report covers the period from the start of the RSE's year of income to the date the RSE was wound up and is completed no later than within three months after the end of the year of income to which the report relates.
19.         Subject to paragraph 20, where an RSE licensee has more than one RSE within its business operations, the RSE licensee must ensure that the 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: