Document ID: chunk:federal_register_of_legislation:F2021L00776:body:0:p2
Version: federal_register_of_legislation:F2021L00776
Segment Type: other
Provision Reference: 
Character Range: 2864–5952

the Financial Sector (Collection of Data) Act 2001.

Application

    2.             This Reporting Standard applies to registered financial corporations (RFCs) required to report under the EFS collection.

    3.             RFCs to which this Reporting Standard applies must comply with this Reporting Standard in its entirety (unless expressly indicated otherwise).

    4.             This Reporting Standard commences on 1 July 2021.

Obligations of an RFC – auditor appointment

    5.             An RFC must annually appoint an auditor (Auditor) for the purposes of this Reporting Standard.

    6.             An RFC must ensure that the terms of engagement between the RFC and the Auditor include:

       (a)          the Auditor's roles and responsibilities specified in this Reporting Standard; and

       (b)          a requirement that the Auditor, in preparing a report under this Reporting Standard, must have regard to relevant Standards and Guidance issued by the Auditing and Assurance Board (AUASB), to the extent that those Standards and Guidance are not inconsistent with the requirements of this Reporting Standard.

    7.             An RFC must use all reasonable endeavours to ensure the Auditor complies with the terms of engagement contained in paragraph 6.

    8.             An RFC must ensure that the Auditor has access to all data, information, reports and staff of the RFC that the Auditor reasonably requires to fulfil their role and responsibilities in relation to the EFS collection. This includes access to the RFC Board and internal auditors as required by the Auditor.

    9.             An RFC must ensure that the Auditor is fully informed of all reporting requirements applicable to the RFC. In addition, the RFC must ensure that the Auditor is provided with any other information APRA has provided to the RFC that may assist the Auditor in fulfilling their role and responsibilities in relation to the EFS collection.

Obligations of an RFC – audit report

    10.         An RFC must submit to APRA the reports referred to in paragraph 15 in relation to the matters set out in paragraph 16. They must be submitted on or before the day specified in paragraph 15.
    11.         An RFC, if requested by APRA, must within a reasonable time provide APRA with the terms of engagement, other instructions or correspondence, including management letters, which may have a bearing on the:

       (a)          scope or conduct of work undertaken by the Auditor, or,

       (b)          report form, content, or coverage including findings or opinions provided by the Auditor,

    in accordance with this Reporting Standard.

    12.         An RFC must ensure that the following are provided to its Board:

       (a)          reports provided by the Auditor in accordance with this Reporting Standard, and any associated assessments and other material prepared in connection with fulfilling the requirements of this Reporting Standard;

       (b)          commentary or responses provided to the RFC by APRA (including responses