Regulatory AlertsPrudential Standard HPS 310 Audit and Related Matters
The Australian Prudential Regulation Authority issued Prudential Standard HPS 310 to mandate that private health insurers appoint fit and proper auditors to provide independent assurance on their financial position and risk controls. The standard requires insurers to ensure auditors have unrestricted access to all relevant data and staff, while obligating them to submit annual and special purpose audit reports to both the Board and APRA within specified timeframes. Additionally, the regulation establishes tripartite liaison arrangements and grants APRA the authority to adjust requirements or commission special purpose engagements to ensure sound prudential supervision.
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