Regulatory AlertsPrudential Standard SPS 510 Governance
The Australian Prudential Regulation Authority issued Prudential Standard SPS 510 Governance to mandate that all registrable superannuation entity licensees maintain a sound governance framework and conduct affairs with high integrity. The standard requires boards to ensure appropriate skills, composition, and renewal processes while establishing a dedicated Board Audit Committee and an independent internal audit function. It further enforces strict auditor independence rules and guarantees that personnel are not constrained from communicating directly with the regulator regarding prudential supervision matters.
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