Document ID: chunk:federal_register_of_legislation:F2022L01572:body:0:p6
Version: federal_register_of_legislation:F2022L01572
Segment Type: other
Provision Reference: 
Character Range: 13538–16461

Standard, it is the responsibility of an appointed auditor to attend all meetings with APRA related to this Prudential Standard, whether on:
       (a) a bilateral basis between APRA and the appointed auditor; or
       (b) a tripartite basis between APRA, the ADI and the appointed auditor; or
       (c) any other basis which APRA may specify to the appointed auditor;
   unless APRA indicates otherwise, in writing. It is also the responsibility of the appointed auditor to supply all information and documents requested by APRA relevant to the ADI.

Responsibilities of the appointed auditor

   31.        It is the responsibility of an appointed auditor to submit directly to APRA:
       (a)         all reports required to be produced under this Prudential Standard;  and
       (b)         all assessments and other material associated with the reports, if requested by APRA.
   Such reports, assessments and other material must be prepared by the appointed auditor on the basis that APRA may rely upon them in the performance of its functions under the Act.
   32.        The responsibilities of an appointed auditor include an obligation to refrain from notifying the ADI of, or from providing the ADI with, the documents referred to in paragraph 31, where:
       (a)          the appointed auditor considers that by doing so the interests of depositors of the ADI would be jeopardised; or where

       (b)          there is a situation of mistrust between the appointed auditor and the Board or senior management of the ADI.

   33.        As part of its responsibilities, an appointed auditor in preparing reports, whether as part of routine or special purpose engagements, must not place sole reliance on the work performed by APRA.

Reports by the appointed auditor

   34.        Where there is a Level 2 group, then unless otherwise instructed in writing by APRA, reports, assessments and other material required by this Prudential Standard must be prepared on one or the other of the following bases, as the appointed auditor considers appropriate:
       (a)          both the ADI on a Level 1 basis and the Level 2 group provided it is clear where the appointed auditor is referring to matters relating to the ADI or the Level 2 group; or

       (b)          the ADI on a Level 1 basis and Level 2 group separately.

Routine reports

   35.        The responsibilities of the appointed auditor include reporting simultaneously (subject to paragraph 32) to APRA and the ADI's Board (or Board Audit Committee), within three months of the end of the financial year of the ADI[3], on:
       (a)          the matters relating to APRA data collections; and

       (b)          internal controls at both Level 1 and the Level 2 group;

   as referred to in paragraph 36. For this purpose, APRA data collections means any data collected in accordance with the Financial Sector (Collection of Data)