Registrable superannuation entity financial reporting and audit
On 1 July 2023, (2022 Measures No. 4 Act) came into force. The 2022 Measures No. 4 Act makes several changes to the financial reporting and audit obligations for registrable superannuation entities (RSEs).
Financial reporting obligations
The financial reporting and audit requirements of Chapter 2M of the听Corporations Act 2001听(Corporations Act) now apply to RSEs, with the exception of exempt public sector superannuation schemes, self-managed superannuation funds, excluded approved deposit funds, small Australian Prudential Regulation Authority (APRA) funds, and RSEs that have been deregistered by APRA.
For financial years ending on or after 30 June 2024, superannuation trustees are required to:
- prepare a director鈥檚 report, remuneration report, and audited financial report (collectively 鈥榓udited financial report鈥�) for each RSE in accordance with the Australian accounting and auditing standards, and Chapter 2M of the Corporations Act
- lodge the audited financial report with ob体育 within 3 months after the end of the financial year (e.g. audited financial reports for RSEs with financial years ending 30 June 2024 must be lodged with ob体育 by 30 September 2024), and
- make the audited financial report publicly available on the RSE鈥檚 website.
Audited financial reports for RSEs must be lodged through the using the trustee鈥檚 existing account.听There is no need to create a separate portal account for each RSE. Trustees may lodge the compliance reports required under with the audited financial reports in a single filing. Alternatively, these compliance reports may be lodged directly with APRA. Please contact APRA for more information about direct lodgement of compliance reports with APRA.
Audited financial reports (and compliance reports, if the trustee chooses to lodge them together with the audited financial reports) are public documents and will be made available on ob体育鈥檚 website.
Auditor obligations
All RSE auditors who were appointed under the Superannuation Industry (Supervision) Act 1993 (SIS Act) on 30 June 2023 were automatically appointed as the RSE auditor under the Corporations Act on 1 July 2023. Previously, RSE auditors were required to be individual appointments. However, since 1 July 2023, audit firms and approved audit companies have been able to be appointed as RSE auditors. Appointments continue until terminated 鈥� there is no longer any need for RSE auditors to be reappointed every year. As with other entities under Chapter 2M of the Corporations Act, ob体育鈥檚 consent is required for the removal or resignation of an RSE auditor. The auditor rotation requirements in Division 5 of Part 2M.4 of the Corporations Act apply to individuals who play a significant role in the audit of an RSE.
RSE auditors have obligations to report breaches related to RSE audits, as well as conflicts of interest. RSEs are now included in the types of entities about which auditors must prepare transparency reports (if certain conditions are met).
The 2022 Measures No. 4 Act also made various amendments to align offences and penalties for audit-related obligations in the SIS Act and the Corporations Act.
Implementation program
ob体育 has been working closely with APRA to implement these reforms. Implementation activities include systems changes, and amendments to legislative instruments, guidance, information sheets听and ob体育 website content. APRA has also amended its superannuation prudential framework to align with the new requirements.
Filings with ob体育
All transactions for the filing of RSE notices, reports and applications can be accessed via the .
The following transactions are available on the Regulatory Portal:
- Submit a copy of an RSE audited financial report
- Apply for ob体育 consent to resign as an auditor of a public company or RSE
- Apply for ob体育 consent to remove an RSE auditor
- Notify ob体育 of removal, resignation or cessation of an RSE auditor
- Submit auditor breach report
- Notify ob体育 of auditor conflict of interest
- Notify ob体育 of extension of RSE auditor term
- Notify ob体育 of RSE financial records held overseas听
- Submit auditor transparency report听
- Apply for an exemption, declaration or order听
ob体育 will no longer be accepting lodgements using the interim process.
Registrable superannuation entities document register search
The documents register records and makes available for download copies of the following documents lodged with ob体育 in relation to RSEs:
- audited financial reports (and compliance reports, if the trustee chooses to lodge them together with the audited financial reports)
- notices of removal, resignation or cessation of RSE auditors
- notices of extension of RSE auditor term.
Inquiries
Should you have any questions about these reforms, please contact ob体育 at [email protected].