Regulatory AlertsPrudential Standard APS 310 Audit and Related Matters
The Australian Prudential Regulation Authority issued Prudential Standard APS 310 to require authorised deposit-taking institutions to appoint an auditor providing independent advice on operations, internal controls, and regulatory data. The standard mandates that auditors be fit and proper, ensures their direct access to all necessary information, and establishes specific reporting timelines and assurance levels for both routine and special purpose engagements. It further defines the auditor's obligations to report directly to APRA, outlines tripartite meeting arrangements, and applies to both Level 1 entities and Level 2 groups headed by non-operating holding companies.
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