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Banking (prudential standard) determination No. 16 of 2022

Prudential Standard APS 310 Audit and Related Matters

Banking Act 1959

I, Renée Roberts, a delegate of APRA:

    (a)          under subsection 11AF(3) of the Banking Act 1959 (the Act) REVOKE Banking (prudential standard) determination No. 2 of 2019, including Prudential Standard APS 310 Audit and Related Matters, made under that determination; and

    (b)          under subsection 11AF(1) of the Act DETERMINE Prudential Standard APS 310 Audit and Related Matters, in the form set out in the schedule, which applies to all ADIs and authorised NOHCs to the extent provided in paragraphs 2 to 5 of the prudential standard.

This instrument commences on 1 January 2023.

Dated: 1 December 2022

[Signed]

Renée Roberts
Executive Director
Policy and Advice Division

Interpretation

      In this instrument:

APRA means the Australian Prudential Regulation Authority.

ADI and authorised NOHC have their respective meanings given in section 5 of the Act.

Schedule

Prudential Standard APS 310 Audit and Related Matters comprises the document commencing on the following page.

Prudential Standard APS 310

Audit and Related Matters

Objectives and key requirements of this Prudential Standard

This Prudential Standard requires an authorised deposit-taking institution (ADI) to ensure that APRA has access to independent advice from an auditor relating to the operations, internal controls and information provided to APRA in respect of that ADI. In addition, the standard sets out requirements for the roles and responsibilities of the appointed auditor.

The key requirements of this Prudential Standard, are that an ADI must, on a Level 1 and Level 2 basis:

   (i) appoint an auditor to undertake the functions set out in this Prudential Standard; and

   (ii) ensure that, as appropriate, the appointed auditor is able to fulfil its responsibilities in accordance with this Prudential Standard.

Table of contents

Authority
Application
Interpretation
Scope
General requirements
Fitness and propriety of the appointed auditor
Use of group auditors
Obligations of an ADI
Internal audit
Meetings with the appointed auditor
Responsibilities of the appointed auditor
Reports by the appointed auditor
Routine reports
Special purpose engagements
Attachment A - Data Collections subject to reasonable and/or limited assurance

Authority

     1. This Prudential Standard is made under section 11AF of the Banking Act 1959 (Banking Act).

Application and commencement

   2.            This Prudential Standard applies to all authorised deposit-taking institutions (ADIs).
   3.            A reference to an ADI in this Prudential Standard will be taken, in the case of a locally-incorporated ADI, as a reference to:
       (a)          an ADI on a Level 1 basis; and

       (b)          a group of which an ADI is a member on a Level 2 basis.

   4.            In the case of a foreign ADI, a reference to an ADI in this Prudential Standard shall be taken to refer