Superannuation Industry (Supervision) Legislation Amendment Act 1995 (144 of 1995)

Schedule 4   AMENDMENTS OF THE SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

42   Section 113

Repeal the section, substitute:

Audit of accounts and statements

"113.(1) The trustee of a superannuation entity must make such arrangements as are necessary to enable an approved auditor to give the trustee, within the prescribed period after the end of each year of income, a report in the approved form of the operations of the entity.

"(2) A person who intentionally or recklessly contravenes subsection (1) is guilty of an offence punishable on conviction by imprisonment for 2 years.

"(3) Without limiting the generality of subsection (1), an approved form:

(a) must either:

(i) relate solely to the audit of the accounts and statements referred to in subsection 112(1) and prepared in respect of a year of income; or

(ii) relate not only to the audit of those accounts and statements, but also to the audit of such other accounts and statements, prepared in respect of a year of income, as are identified in the form; and

(b) must include a statement by the auditor as to whether, in the opinion of the auditor, the trustee has complied with the provisions of this Act and the regulations, identified in the form, during that year of income.

"(4) The auditor must give the report to the trustee within the period referred to in subsection (1).

"(5) A person who intentionally or recklessly contravenes subsection (4) is guilty of an offence punishable on conviction by imprisonment for 6 months.".