Audit consequential amendments – superannuation
This page contains APRA’s consultation on minor and consequential amendments to the superannuation prudential framework affecting audit, governance and fitness and propriety.
June 2024
On 18 June 2024, APRA released its response to consultation on audit amendments for superannuation. The amendments to the prudential standards and guidance are minor and consequential, consistent with changes to the Treasury Laws Amendment(2022 Measures No. 4) Act 2023.
The response includes updated Prudential Standard SPS 310 Audit and Related Matters, Prudential Standard SPS 510 Governance, Prudential Standard SPS 520 Fit and Proper, and Prudential Practice Guide SPG 520 Fit and Proper, and marked up versions of these documents. These amendments apply from 30 June 2024.
The letter to industry, updated standards and guidance and non-confidential submissions can be found below.
Letter
Superannuation prudential framework – minor and consequential audit updates
Prudential Standards
Published 18 June 2024 | Published 18 June 2024 |
Published 18 June 2024 | Published 18 June 2024 |
Published 18 June 2024 | Published 18 June 2024 |
Prudential Practice Guide
Published 18 June 2024 | Published 18 June 2024 |
Submissions
January 2024
On 17 January 2024, APRA released a letter to RSE licensees and RSE auditors, consulting on minor and consequential amendments to the superannuation prudential framework. The proposed changes follow financial reporting and auditing reforms for superannuation set out in Treasury Laws Amendment (2022 Measures No. 4) Act 2023.
This consultation will be open for submissions for six weeks until 28 February 2024.
The consultation letter to industry, draft Prudential Standard SPS 310 Audit and Related Matters and draft Prudential Standard SPS 510 Governance can be found below.
Letter
Superannuation prudential framework - consequential audit updates
Prudential Standard
Published 17 January 2024 | Published 17 January 2024 |
Published 17 January 2024 | Published 17 January 2024 |
Note on submissions
It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.
Submissions may be the subject of a request for access made under the Freedom of Information Act 1982 (FOIA). APRA will determine such requests, if any, in accordance with the provisions of the FOIA. Information in the submission about any APRA-regulated entity that is not in the public domain and that is identified as confidential will be protected by section 56 of the Australian Prudential Regulation Authority Act 1998 and will therefore be exempt from production under the FOIA.