Trustee licensing on CMSF agenda
For the first time in a number of years the Conference of Major Superannuation Funds (CMSF) does not boast heavy representation by either of the major financial services regulators — the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission.
While officials from the regulators have been involved in multiple sessions in previous years, the picture is very different in 2006, with fund executives discussing the implications of regulatory changes rather than relying on the interpretations of the regulators themselves.
About as close as the regulators come to the key issues is a session to be addressed by the deputy chairman of APRA, Ross Jones, titled “Licensing — A Post War Reconstruction”.
Within that session, Jones is expected to examine the issues surrounding 500 funds being reduced to 350 within two years and, most importantly, transition arrangements.
Despite the fact that trustee licensing has become the single largest issue confronting the superannuation industry, those attending the CMSF will only see it broadly discussed in a limited number of forums.
The first such occasion will be on day one, when the conference will deal with “Licensing — how to keep your licence — what to audit” — during which partners with PricewaterhouseCoopers Claire Keating and David Coogan will discuss how, under APRA licensing, there is a requirement for an external auditor to provide an opinion on whether the trustee and fund have complied with their Risk Management Statement and Risk Management Plan.
The workshop will focus on what evidence is required for both trustees and their external auditor to provide an unqualified opinion in the first year of APRA licensing.
The forum agenda notes that, given the role of the external auditor has been substantially expanded under APRA licensing, and given the nature of the audit assurance is a lot different in scope, it is important that trustees understand the scope of these new audit requirements.
AUTHOR
Mike Taylor
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