On 12.8.21, the Federal Minister for Superannuation a media release, saying that the Government proposes to make changes to ensure the superannuation system’s financial reporting and auditing framework is commensurate to the size and significance of the sector and to do that, was releasing an exposure draft, of the relevant legislation, for consultation, with submissions due by 8 September 2021.
See below for further detail.
- prepare and lodge financial reports for each financial year and half-year with ASIC, including directors’ reports and financial statements for the entity and each sub-fund;
- publish the financial report, directors’ report and auditor’s report for a financial year on the RSE’s website and provide details of how to access these reports with the notice of the annual members meeting; and
- provide a copy of the financial reports for a financial year and half-year to members and beneficiaries on request.
- In addition to existing reporting requirements, members of an RSE audit firm, and directors of an RSE audit company, will be required to report certain contraventions to APRA.
- RSE auditors will also be prohibited from playing a significant role in the audit of a RSE for more than 5 (out of 7) successive years.
- An RSE auditor may also be required to prepare, lodge and publish an auditor transparency report.
- RSEs will be required to keep financial and accounting records for 7 years (up from 5 years).