Document ID: chunk:federal_register_of_legislation:F2016L01437:body:0:p7
Version: federal_register_of_legislation:F2016L01437
Segment Type: other
Provision Reference: 
Character Range: 16072–17889

Auditor for a special purpose engagement include an obligation to provide limited assurance on the matters upon which the Appointed Auditor is required to report, unless otherwise determined by APRA and advised to the Level 3 Head.
31.         Under the responsibilities of an Appointed Auditor for a special purpose engagement, the auditor's report must be submitted within three months of the date of the notice commissioning the report, simultaneously to APRA and to the Board (or Board Audit Committee) of the Level 3 Head, unless otherwise determined by APRA and advised to the Level 3 Head (subject to paragraph 23).

Adjustments and exclusions
32.         APRA may adjust or exclude a specific requirement in this Prudential Standard in relation to the Level 3 Head.[6]
[1]  Such as under subsection 17(2) or 21(1) of the Banking Act, section 49R of the Insurance Act and subsection 230B(2) of the Life Insurance Act.
[2]  For a Level 3 Head that is an ADI or non-operating holding company authorised under the Banking Act that is not a disclosing entity within the meaning of the Corporations Act 2001, the relevant period is four months.
[3]  The level of assurance required by this Prudential Standard does not override the assurance requirements for an individual prudentially regulated institution.
[4]  Refer to footnote 3.
[5]  With respect to any matters of non-compliance, an Appointed Auditor should note section 16BA of the Banking Act, section 49A of the Insurance Act, and section 132A of the Life Insurance Act, which require the auditor to immediately notify APRA of certain matters and to notify APRA as soon as practicable about certain other matters.
[6]  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.