(Bloomberg) — Cbus Super, one of Australia’s largest superannuation funds, did not have appropriate procedures to ensure key spending decisions were made in the best financial interests of its members, a review finds independent of Deloitte.

The consulting firm made 26 recommendations to improve the fund’s oversight, says the report published Tuesday on the Cbus website. It was made public as part of additional licensing conditions imposed on the fund by the Australian Prudential Regulatory Authority.

“We believe that the lack of consistency, appropriate processes, appropriate governance and necessary rigor are all areas for improvement and are currently lacking in determining whether spending decisions were made in the best financial interests of members,” according to the report. He was unable to conclude whether the spending decisions were “judicious and prudent”.

The assessment found that Cbus board directors met the fit and proper test, but said there were “governance deficiencies” relating to fund payments made to the Union of construction, forestry, shipping, mining and energy. The report examines hundreds of thousands of dollars of spending decisions related to the CFMEU.

In August, APRA ordered the A$94 billion ($61 billion) Cbus to conduct an external review into its close ties to a construction union facing serious allegations of bad behavior.

Cbus said it would work with Deloitte to address the recommendations. “The 26 recommendations of Deloitte’s independent review have been accepted in principle by the Cbus board, which has fully cooperated with the independent review process,” Cbus said in its statement.

Australia’s booming A$4.1 trillion superannuation industry is facing intense scrutiny on several fronts. Regulators have regularly warned the industry to ensure it values ​​unlisted assets correctly. The industry also faces pressure over customer service standards and its preparation for the next wave of retirees. Cbus faces a separate court case over delays in processing death benefits and insurance claims.

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