Document ID: chunk:federal_register_of_legislation:F2023L01535:body:0:p21
Version: federal_register_of_legislation:F2023L01535
Segment Type: other
Provision Reference: 
Character Range: 55000–57605

for the purposes of this Prudential Standard, it is expected that any circumstances of the type that would lead to a breach of the Corporations Act requirements for audit independence, whether or not these provisions actually apply in relation to the audit of the APRA-regulated institution, will also result in a breach of the provisions of this Prudential Standard.
[17] Lead auditor means the registered company auditor who is primarily responsible to the audit firm or the audit company for the conduct of audit work conducted in relation to the Prudential Acts, prudential standards or reporting standards.
[18] Review auditor means the registered company auditor (if any) who is primarily responsible to the individual auditor, audit firm or audit company for reviewing audit work conducted in relation to the Prudential Acts, prudential standards or reporting standards.
[19] For the purpose of this paragraph 'an individual who plays a significant role' means an individual auditor who acts as the auditor in respect of any of the requirements of the Prudential Acts, prudential standards or reporting standards, or the lead or review auditor where such audit work is performed by an audit company or audit firm.
[20] For the purposes of this Prudential Standard, related firms means either two or more firms, or a firm and a body corporate, that have common ownership or management, or where one has a substantial shareholding in the other. Refer to CPS 520 for a similar restriction on the Appointed Auditor and Appointed Actuary being from the same entity. Refer also to GPS 310 and Prudential Standard CPS 320 Actuarial and Related Matters.
[21] Refer to CPS 220.
[22]  Also refer to the provisions for the protection of whistleblowers in Part VIA, Division 1 of the Banking Act, Part IIIA, Division 4 of the Insurance Act, Part 7, Division 5 of the Life Insurance Act, and the whistleblowing provisions in CPS 520.
[23]  Refer to subsection 11AF(2) of the Banking Act, subsection 32(3D) of the Insurance Act and subsection 230A(4) of the Life Insurance Act and section 92 of the PHIPs Act.
[24]  The circumstances outlined in this Attachment are adapted from the guidance on 'Relationships affecting independent status' to be considered by a Board when determining the independent status of a director set out in Box 2.1 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations (2nd Edition 2007).
[25]  For the purpose of this Attachment, a 'substantial shareholder' is a person with a substantial holding as defined in section 9 of the Corporations Act.