Document ID: chunk:federal_register_of_legislation:F2016L01437:body:0:p5
Version: federal_register_of_legislation:F2016L01437
Segment Type: other
Provision Reference: 
Character Range: 10582–13531

may specify to the Appointed Auditor,
unless APRA indicates otherwise. It is also the responsibility of an Appointed Auditor to supply all information and documents requested by APRA relevant to the Level 3 Head and Level 3 group.

Responsibilities of the Appointed Auditor
22.         It is the responsibility of an Appointed Auditor to submit directly to APRA:
(a)          all reports required to be produced under this Prudential Standard; and
(b)          all assessments and other material associated with the reports, if requested by APRA.
Such reports, assessments and other material must be prepared by the Appointed Auditor on the basis that APRA may rely upon them in the performance of its functions under the Prudential Acts.
23.         The responsibilities of an Appointed Auditor include an obligation to refrain from notifying the Level 3 Head of, or from providing the Level 3 Head with, the documents referred to in paragraph 22 of this prudential standard, where:
(a)          the Appointed Auditor considers that by doing so the interests of depositors, policyholders or RSE beneficiaries of prudentially regulated institutions within the Level 3 group would be jeopardised; or
(b)          there is a situation of mistrust between the Appointed Auditor and the Board of the Level 3 Head or senior management of the Level 3 group.
24.         As part of its responsibilities, an Appointed Auditor in preparing reports, whether as part of routine or special purpose engagements (refer to paragraphs 26 to 31), must not place sole reliance on the work performed by APRA.

Reports by the Appointed Auditor
25.         Unless otherwise instructed by APRA, reports, assessments and other material required by this Prudential Standard must make it clear where the Appointed Auditor is referring to matters relating to the Level 3 Head or the Level 3 group.

Routine reports
26.         The responsibilities of the Appointed Auditor include reporting simultaneously (subject to paragraph 23) to APRA and the Board or Board Audit Committee of the Level 3 Head, within three months of the end of the financial year of the Level 3 Head[2], on:
(a)          matters relating to APRA data collections; and
(b)          internal controls at a Level 3 basis,
as referred to in paragraph 27. For this purpose, 'APRA data collections' means any data collected in accordance with FSCODA.
27.         An Appointed Auditor's responsibilities must specifically include reporting as follows:

APRA data collections
(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