Document ID: chunk:federal_register_of_legislation:F2022L01572:body:0:p7
Version: federal_register_of_legislation:F2022L01572
Segment Type: other
Provision Reference: 
Character Range: 16198–19433

data collections; and

       (b)          internal controls at both Level 1 and the Level 2 group;

   as referred to in paragraph 36. For this purpose, APRA data collections means any data collected in accordance with the Financial Sector (Collection of Data) Act 2001 (FSCODA).
   36.        An appointed auditor's responsibilities must specifically include reporting on:
    APRA data collections referred to in Attachment A covering the financial year
       (a)          for those collections where the data are sourced only from accounting records – the appointed auditor must provide reasonable assurance 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, in writing, the appointed auditor must provide limited assurance 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, in writing, the appointed auditor must provide reasonable assurance for information sourced from accounting records, and limited assurance 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)          The appointed auditor must provide limited assurance that the ADI has controls that are designed to ensure the ADI:

           (i)            has complied with all applicable prudential requirements;
           (ii)         has provided reliable data to APRA in the reporting forms prepared under the 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.
       Compliance with prudential requirements
   The report must take the form of limited assurance, based on the appointed auditor's work in (a) to (d) above, that the ADI has complied with all relevant prudential requirements under the Act and the FSCODA, including compliance with prudential standards and reporting standards during the financial year[4].

   37.        The reporting requirements in paragraph 36 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 addressed.

Special purpose engagements

   38.        APRA may require an ADI, by notice in writing, to appoint an auditor, who may be the existing appointed auditor or another auditor, to provide a report on a particular aspect of the ADI's operations, prudential reporting, risk management systems or financial position. A special purpose engagement report