30 May 2003
Lyndon Kingston
Senior Accounting Specialist
Policy Development
Australian Prudential Regulation Authority
GPO Box 9836
SYDNEY NSW 2001
Dear Mr Kingston
Superannuation Reporting Framework
CPA Australia and the Institute of Chartered Accountants in Australia (ICAA) welcome the opportunity to provide comments to the Australian Prudential Regulation Authority during the second round of consultation on the proposed superannuation reporting framework. This submission has been prepared in consultation with CPA Australia's Superannuation Centre of Excellence and the ICAA's National Superannuation Committee.
The ICAA and CPA Australia welcome the improvement of the reporting framework governing APRA regulated superannuation funds. We consider that the overhaul of the current regime will assist APRA, as better information will be provided to enable APRA to detect problems at an early stage.
We appreciate the efforts of the regulator in addressing the issues raised in the earlier round of consultation.
Our submission will provide our additional feedback (Attachment A) and will cover the following areas:
- Financial reporting
- Audit Report
- Accounting standards
- APRA and ASIC consultation
- Small APRA Funds
Attachment B covers our more specific technical comments.
Should you have any queries or require further information please contact CPA Australia's Audit and Accounting Policy Adviser, Ms Naomi Carroll on +61 3 9606 9872 or or ICAA Superannuation Technical Consultant, Ms Susan Orchard on +61 3 9502 4371.
Yours sincerely
Jim Dixon
Director, Accounting and Audit
CPA Australia
Richard Rassi
Chairman National Superannuation Committee
