Matters where auditors and other service providers have duties to report to the MPF Authority
Duties of Auditors
Auditors will have a duty to report the following matters to the MPFA :
Duties of Other Service Providers
- Any matter which will result in the auditor qualifying his audit report on the accounts of the scheme.
- Where they identify payments or other transfers from scheme assets which are not for the benefit of scheme members or other instances of misappropriation of assets and fraud.
- Where they become aware that the assets of the scheme are co-mingled with those of the employer or the trustee or another third party. The only exception would be in the case of pooled assets held by custodians on behalf of several schemes or entities where the assets of the scheme are accounted for separately.
- Where they identify that the scheme has engaged in forbidden investment practices as defined in MPF legislation.
- Where they identify that the investment of the scheme has not compiled with MPF investment standards and guidelines.
- Where they identify payments or other transfers from the registered scheme to scheme members who have not reached the retirement age or do not meet the other early withdrawal criteria set out in MPF legislation.
- Where it comes to their attention that the trustee has not reported default contributions to the MPFA.
These persons will have a duty to report matters in (b) to (g) above. They also have to report to MPFA where they believe the trustee of the scheme is not keeping, or causing to keep, proper books and records.