Document ID: chunk:federal_register_of_legislation:F2024L00636:body:0:p5
Version: federal_register_of_legislation:F2024L00636
Segment Type: other
Provision Reference: 
Character Range: 10578–13485

complied with all applicable prudential requirements, has provided reliable data to APRA as required under the reporting standards made under the FSCOD Act, and has operated effectively throughout the year of income; and
(iii)       the RSE licensee's compliance with its risk management framework required under SPS 220.
For the purposes of this Prudential Standard, 'reasonable assurance' and 'limited assurance' are defined in accordance with relevant AUASB standards and guidance.
23.         An RSE auditor must modify the opinion contained in the auditor's report for breaches of any laws specified in paragraph 22 which, in the RSE auditor's professional opinion, are material. In forming an opinion as to whether a breach is material, the RSE auditor must refer to relevant AUASB standards and guidance.
24.         When preparing a report required under the SIS Act or this Prudential Standard (whether as part of a routine or special purpose engagement), an RSE auditor must:
(a)          do so on the basis that APRA may rely upon the report in the performance of its functions under the SIS Act; and
(b)          exercise independent judgement and not place sole reliance on work performed by APRA.
25.         An RSE auditor must retain all working papers and other documentation in relation to an engagement under this Prudential Standard for a period of at least seven years after the end of year of income.[12] APRA may require the RSE auditor to provide the working papers and other documentation to APRA.

Other responsibilities of the RSE licensee
26.         An RSE licensee must bear the costs of preparing and submitting reports, documents and other material required by this Prudential Standard.
27.         An RSE licensee must facilitate meeting arrangements requested by APRA, including ensuring attendance by the individual RSE auditor or lead auditor, the internal auditor (where applicable) and, where an RSE licensee is part of a group, responsible persons from the head entity of the group.

Special purpose engagements
28.         APRA may require an RSE licensee to engage an auditor, who may be the existing RSE auditor or another auditor as specified by APRA, to provide a report on a particular aspect of the RSE licensee's business operations, compliance with prudential requirements or the RSE licensee's risk management framework.
29.         An auditor engaged for a special purpose engagement must provide limited assurance on the matters upon which the auditor is required to report unless otherwise determined by APRA and advised to the RSE licensee in writing.
30.         Unless otherwise determined by APRA, an auditor engaged for a special purpose engagement must submit, within three months of the date of the notice commissioning the report, the auditor's report simultaneously to APRA and to the Board.
31.         An auditor must modify the report referred