182 paragraphs found
In relation to the RSE licensee’s responsibility to keep the RSE auditor informed, the RSE auditor includes these responsibilities clearly in the engagement letter [6] and also requests management of the RSE licensee to sign an appropriate representation …
Under SPS 220, the RSE is required to submit to APRA, at the same time as lodgement of the annual information under FSCOD Act, a declaration on risk management. This declaration includes but is not limited to, statements by the RSE on: the reliability of …
The RSE auditor is not required to form an opinion on the declaration other than in the context of the RSE auditor’s responsibility to express a conclusion on the RSE’s compliance in accordance with the responsibilities and reporting requirements of …
This Guidance Statement has been formulated by the Auditing and Assurance Standards Board (AUASB) to provide guidance to auditors of a Registrable Superannuation Entity (RSE), reporting pursuant to the prudential reporting requirements specified by APRA …
When determining the extent of tests of controls, the RSE auditor considers matters including the characteristics of the population to be tested, which includes the nature of controls, the frequency of their application (for example, monthly, daily, a …
Where control procedures have changed during the period subject to examination, the RSE auditor tests the operating effectiveness of both the superseded control(s) and the new control(s) and considers whether the new controls have been in place for a …
The RSE auditor generally adopts a ‘top down’ approach in gathering evidence, by making enquiries of key personnel, observing the RSE licensee’s operations, performing ‘walk through’ tests of controls, obtaining written representations and inspecting …
RSE licensees have different systems and procedures in place to monitor compliance with specific prudential standards. Financial projections and estimates are likely to be part of the monitoring process, as the preparation of a full financial report is …
The way in which internal control is designed and implemented varies with a RSE licensee’s size and complexity. Smaller RSE licensee’s may use less formal means and simpler processes to achieve their control …
The RSE auditor gathers evidence in response to assessed risks with a focus on identifying key controls within the control systems design. The RSE auditor exercises professional judgement in determining the specific nature, timing and extent of limited …