Document ID: chunk:federal_register_of_legislation:F2016L01437:body:0:p4
Version: federal_register_of_legislation:F2016L01437
Segment Type: other
Provision Reference: 
Character Range: 7979–10833

this Prudential Standard. This includes access to the Board and Board Audit Committee of the Level 3 Head, and the auditors of Level 3 institutions in the Level 3 group as required.
16.         A Level 3 Head must ensure that its Appointed Auditor is fully informed of all prudential requirements applicable to the Level 3 Head. Prudential requirements include requirements imposed by the Prudential Acts, regulations, prudential standards, the Financial Sector (Collection of Data) Act 2001 (FSCODA), reporting standards, conditions on authority and any other requirements imposed by APRA in relation to a Level 3 Head. In addition, the Level 3 Head must ensure that the Appointed Auditor is provided with any other information APRA has provided to the Level 3 Head that may assist the Appointed Auditor in fulfilling its role and responsibilities under this Prudential Standard.
17.         A Level 3 Head must ensure that its Board or Board Audit Committee are provided with:
(a)          reports provided by the Appointed Auditor in accordance with this Prudential Standard, and any associated assessments and other material provided by an Appointed Auditor to the Level 3 Head on request;
(b)          commentary or responses provided by APRA to the Level 3 Head on reports provided by the Appointed Auditor, and any associated assessments and other material; and
(c)          any commentary or response on the reports, associated assessments and other material provided by the Appointed Auditor that are given by the Level 3 Head to APRA.

Internal audit
18.         A Level 3 Head must ensure that the scope of its internal audit includes a review of the policies, processes and controls put in place by management to ensure compliance with APRA's prudential requirements.
19.         A Level 3 Head must allow its internal auditor to be represented in meetings with APRA, the Level 3 Head and its Appointed Auditor.

Meetings with the Appointed Auditor
20.         APRA's liaison with an Appointed Auditor will normally be conducted under arrangements involving APRA, the Level 3 Head and the Appointed Auditor. APRA and an Appointed Auditor may meet, at any time, on a bilateral basis at the request of either party.
21.         For the purposes of this Prudential Standard, it is the responsibility of an Appointed Auditor to attend all meetings with APRA related to this Prudential Standard, whether:
(a)          on a bilateral basis between APRA and the Appointed Auditor;
(b)          between APRA, the Level 3 Head and the Appointed Auditor; or
(c)          on any other basis which APRA 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