Registrable superannuation entity audits

Overview of Superannuation Fund Financial Reporting and Audit Reforms

On 1 July 2023, Treasury Laws Amendment (2022 Measures No. 4) Act 2023 (the Act) came into force. The Act makes several changes to the financial reporting and audit obligations for registrable superannuation entities (RSEs):

  • the financial reporting and audit requirements of Chapter 2M of the Corporations Act 2001 (Corporations Act) now apply to RSEs (except exempt public sector superannuation schemes, self-managed superannuation funds, excluded approved deposit funds and small APRA funds)
  • from 1 July 2023, audit firms and approved audit companies may be appointed as RSE auditor and will no longer need to be reappointed every year
  • ASIC’s consent will be required for the removal or resignation of an RSE auditor
  • RSEs will be included in the types of entities about which auditors must prepare a transparency report (if certain conditions are met), and
  • various amendments were made to align the Superannuation Industry (Supervision) Act 1993 (SIS Act) and the Corporations Act, including offences and penalties for audit-related obligations.

Implementation program

ASIC is working closely with the Australian Prudential Regulation Authority (APRA) to implement these reforms ahead of the deadline for RSEs to lodge the first audited financial reports with ASIC 3 months after the end of the RSE’s 2023/24 financial year (e.g. by 30 September 2024 for RSEs with financial years ending 30 June 2024). Implementation will include systems changes, amendments to legislative instruments, guidance, information sheets and ASIC website content. APRA intends to amend the superannuation prudential framework to align with the new requirements. Should you have any questions about the prudential framework, please contact

Interim filings with ASIC

ASIC has put in place interim processes to accept the filing of notices, reports and applications which may be required prior to completion of changes to ASIC’s systems. This may occur in the following circumstances:

  • an RSE auditor must notify ASIC of a conflict of interest situation under sections 324CA(1A), 324CB(1A) or 324CC(1A) of the Corporations Act
  • a trustee wishes to apply for ASIC’s consent to the removal of the RSE auditors under section 331AK(1) of the Corporations Act
  • an RSE auditor wishes to apply for ASIC’s consent to resign as RSE auditor under section 331AK(2) of the Corporations Act
  • a trustee must notify ASIC of the removal or resignation of the RSE auditor under section 331AK(7) of the Corporations Act
  • a RSE auditor is required to report a suspected contravention under section 311 of the Corporations Act, and
  • a trustee must notify ASIC of the address in Australia where information about the RSE’s financial records is kept (if the records themselves are kept outside Australia) under section 289(2) of the Corporations Act.

If an RSE auditor or trustee is required to file a notice, report or application set out above, please contact ASIC at for further information and copies of any required forms.

Applications for relief relating to RSEs can be made through the ASIC Regulatory Portal as with other entities to which Chapter 2M applies.


Should you have any questions about these reforms or our interim processes, please contact ASIC at

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Last updated: 16/08/2023 04:30