Document ID: chunk:federal_register_of_legislation:F2016L01437:body:0:p6
Version: federal_register_of_legislation:F2016L01437
Segment Type: other
Provision Reference: 
Character Range: 13246–16325

that the information in these collections at the financial year-end is reliable and in accordance with the relevant prudential standards and reporting standards;
(b)          for those collections where the data are sourced only from non-accounting records – unless otherwise indicated by APRA, the Appointed Auditor must provide limited assurance[3] that the information in these collections at the financial year-end is reliable and in accordance with the relevant prudential standards and reporting standards;
(c)          for those collections where the data are sourced from a combination of accounting and non-accounting records – unless otherwise indicated by APRA, the Appointed Auditor must provide reasonable assurance for information sourced from accounting records, and limited assurance[4] that information sourced from non-accounting records at the financial year-end is reliable. This must be in accordance with the relevant prudential standards and reporting standards;

Internal controls relating to prudential requirements
(d)          an Appointed Auditor must provide limited assurance that the Level 3 Head has controls that are designed to ensure that the Level 3 Head:
(i)            has complied with all applicable prudential requirements; and
(ii)         has provided reliable data to APRA in the reporting forms prepared under FSCODA,
and, in relation to (i) and (ii), the Appointed Auditor must also provide limited assurance that these controls have operated effectively throughout the financial year; and

Compliance with prudential and reporting requirements
(e)          a report must take the form of limited assurance, based on the Appointed Auditor's work in (a) to (d) above, that the Level 3 Head has complied with all relevant prudential and reporting requirements under the Prudential Acts and FSCODA, including compliance with prudential standards and reporting standards during the financial year.[5]
28.         The reporting requirements in paragraph 27 only apply to audit engagements undertaken for the purposes of this Prudential Standard. Where an auditor is engaged for the purposes of another Prudential Standard, the engagement must ensure that the requirements of that other Prudential Standard are met.

Special purpose engagements
29.         APRA may require a Level 3 Head to appoint an auditor, who may be the existing Appointed Auditor or another auditor (which may be determined by APRA), to provide a report on a particular aspect of the Level 3 group's operations, prudential reporting, risk management systems or financial position. Such a report will normally only be required following consultation with the Level 3 Head. APRA may, however, require such a report without prior consultation with the Level 3 Head.
30.         The responsibilities of an Appointed Auditor for a special purpose engagement include an obligation to provide limited assurance on the matters upon which the Appointed Auditor is required to report, unless otherwise determined by APRA and advised to the Level 3 Head.
31.         Under the