Last Updated: 1 October 2010
APRA has created an Approved Form of Auditor’s Report for RSE Licensees who provide First Home Saver Accounts
. This Form has been created to facilitate compliance with s. 35C of the Superannuation Industry (Supervision) Act (SIS) 1993, under the application of s. 114 of the First Home Savers Act (FHSA) 2008. Section 114(1) of the FHSA applies certain prudential provisions of the SIS Act to RSE Licensees that hold an authorisation as a FHSA provider. Section 35C is one of the prudential provisions of the SIS Act which applies to RSE Licensees, requiring that an approved auditor be appointed to give the Trustee a report in the approved form of the operations of the entity for that year.
The Form has been created based on the format of the Approved Form of Auditor’s Report for Superannuation;
- Part 1 of the Form comprises the Auditor’s report on financial statements, and is the same as that of the Superannuation Form, except that no facility is required for non-reporting entities;
- Part 2 of the Form comprises the Auditor’s report on compliance for a FHSA provider.
- Part 3 of the Form comprises the Auditor’s report on the APRA Annual Return.
- Guidance and instructions have been provided to facilitate the audit profession in completing the Form.
The Auditor’s Report for FHSA’s is effective for reporting periods commencing on or after 1 July 2009, that is, for the 2009-2010 and subsequent years of income.