The RSE auditor also has certain obligations and responsibilities under section 129 of the SIS Act to report a contravention of the SIS Act or the regulations to the RSE licensee and APRA that may have occurred, may be occurring, or may occur, in relation to the RSE licensee that is of such a nature that it may affect the interests of members or beneficiaries of the entity. The RSE auditor must immediately inform the trustee and APRA about the matter in writing, unless the RSE auditor has reasonably concluded that the RSE licensee has already appropriately communicated the contravention to the trustee and APRA.

The RSE auditor also has certain obligations and responsibilities under section 130 of the SIS Act in relation to the RSE licensee’s solvency and when the RSE auditor must inform APRA and the trustee of the RSE licensee about such matters.

Whilst conducting the audit of a RSE and associated RSE licensee, the RSE auditor may have other regulatory obligations that stem from the RSE licensee’s other financial services regulatory requirement. The RSE auditor should ensure there is a knowledgeable and co ordinated approach taken in respect of these requirements. Examples of other obligations might include Managed Investment Scheme compliance plan or Australian Financial Services License obligations.