Document ID: chunk:federal_register_of_legislation:F2021L00776:body:0:p1
Version: federal_register_of_legislation:F2021L00776
Segment Type: other
Provision Reference: 
Character Range: 0–3179

Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2021

Reporting Standard RRS 710.0 ABS/RBA Audit Requirements for Registered Financial Corporations – EFS collection

Financial Sector (Collection of Data) Act 2001

I, Alison Bliss, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:

    (a)          revoke Financial Sector (Collection of Data) (reporting standard) determination No. 22 of 2019, including Reporting Standard RRS 710.0 ABS/RBA Audit Requirements for Registered Financial Corporations - EFS collection made under that Determination; and

    (b)          determine Reporting Standard RRS 710.0 ABS/RBA Audit Requirements for Registered Financial Corporations - EFS collection, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 2 of the reporting standard.

Under section 15 of the Act, I declare that the reporting standard shall begin to apply to those financial sector entities, and the revoked reporting standard shall cease to apply, on 1 July 2021.

This instrument commences on 1 July 2021.

Dated: 16 June 2021

[Signed]

Alison Bliss
General Manager
Data Analytics & Insights Division

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority.

    financial sector entity has the meaning given by section 5 of the Act.

Schedule

Reporting Standard RRS 710.0 ABS/RBA Audit Requirements for Registered Financial Corporations – EFS collection comprises the document commencing on the following page.

Reporting Standard RRS 710.0

ABS/RBA Audit requirements for Registered Financial Corporations – EFS collection

Objectives and key requirements of this Reporting Standard

This Reporting Standard establishes requirements for a registered financial corporation (RFC) to ensure that the Australian Prudential Regulation Authority (APRA), Reserve Bank of Australia (RBA) and Australian Bureau of Statistics (ABS) have access to the provision of independent advice on the information and internal controls of that RFC, in relation to the Economics and Financial Statistics collection.

Key requirements of this Reporting Standard are that:

    (i) an RFC must submit to APRA all reports required to be prepared by an auditor under this Reporting Standard;

    (ii) an RFC must ensure that the auditor prepares reports on aspects of the RFC in accordance with the requirements and timeframes specified in this Reporting Standard; and

    (iii) an RFC must ensure that, as appropriate, the auditor is able to fulfil its roles and responsibilities in accordance with this Reporting Standard.

Authority

     1. This Reporting Standard is made under section 13 of 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