What additional expectation does APRA have of auditors?
Auditors will be required to audit the Risk Management Statements and Risk Management Plans, which identify risks to the trustee and fund, and how they are to be managed. The auditor will be required to audit the implementation and effectiveness of the Risk Management Statements and Risk Management Plans annually. Matters identified by the auditor must be referred to the Trustees regardless of materiality. The whistle-blowing provisions have also been extended. Auditors are required to notify APRA at the same time as they notify trustees, of contraventions which may have occurred, may be occurring, or may occur in the future, that may affect the interests of members. See amendments to SIS ss.129 and 130 and new ss.130A and 130B.
