Document ID: chunk:federal_register_of_legislation:F2021L00776:body:0:p4
Version: federal_register_of_legislation:F2021L00776
Segment Type: other
Provision Reference: 
Character Range: 8622–11291

limited assurance that information sourced from non-accounting records, as at the RFC's financial year end, is reliable and in accordance with the relevant reporting standards.

    18.         For the purposes of this Reporting Standard, reasonable assurance and limited assurance are defined in accordance with the Framework for Assurance Engagements issued by the AUASB, and accounting records is defined in accordance with the AUASB Glossary, both of which are issued under section 227B of the Australian Securities and Investments Commission Act 2001.
    19.         An RFC must ensure that the Auditor, in preparing reports in accordance with paragraph 16:

       (a)          does so on the basis that the agencies may rely on the report; and

       (b)          exercises independent judgement and does not place sole reliance on the work performed by APRA.

    20.         An RFC must ensure that the Auditor retains all working papers and other documentation in relation to the requirements set out in paragraph 16, for a period of seven years from the date of the report to which the working papers or documentation relate.
Other responsibilities of an RFC
    21.         The costs of preparing and submitting reports, documents and other material required by this Reporting Standard must be borne by the RFC.
    22.         An RFC must ensure that persons involved in the provision of information for the purposes of the EFS Collection (including the Auditor and officers and employees of the RFC) should note that it is an offence under subsections 137.1 and 137.2 of the Criminal Code Act 1995 to provide, whether directly or indirectly, false and misleading information to a Commonwealth entity, such as APRA.
    23.         Liaison with the Auditor will normally be conducted under tripartite arrangements involving APRA and the agencies, the RFC and the Auditor. Notwithstanding the tripartite relationship, APRA (and/or one or more of the agencies), and the Auditor may meet, at any time, on a bilateral basis at the request of either party.

Interpretation

    24.         Terms that are defined in Reporting Standard ARS 701.0 ABS/RBA Definitions for the EFS Collection (ARS 701.0) or in this Reporting Standard appear in bold italic.

    25.         In this Reporting Standard:
    agencies means the ABS and the RBA.

    AUASB means the Australian Auditing and Assurance Standards Board.

    26.         Unless the contrary intention appears, any reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force or existing from time to time.