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10 Mar 2004

The Australian Prudential Regulation Authority (APRA) has disqualified Brisbane auditor, Mr Norman Chan, from acting as an Approved Auditor of superannuation entities regulated under the Superannuation Industry (Supervision) Act 1993 (SIS Act) with effect 5 March 2004.
In 2003, Mr Chan was the auditor of 39 regulated superannuation funds, which together were managing $87.9 million of assets on behalf of some 6900 members.
Mr Chan has been disqualified on the grounds that he had failed to carry out or perform adequately and properly the duties of an auditor under the SIS Act. He was also found not fit and proper to act as an approved auditor for the purposes of the SIS Act.
APRA Deputy Chairman, Mr Ross Jones, said that APRA placed a great deal of reliance on auditors in its supervision of superannuation entities under the SIS Act.
“APRA’s ability to depend on auditors and the work they provide is fundamental to its regulation of the industry and the protection of member interests,” he said.
The provisions of the SIS Act permit Mr Chan to seek an internal review by APRA of its decision to disqualify him. Mr Chan can seek an external review by the Administrative Appeals Tribunal should the internal review confirm APRA’s decision.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding approximately $1.7 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.