Regulatory AlertsPrudential Standard 3PS 310 Audit and Related Matters
The Australian Prudential Regulation Authority issued Prudential Standard 3PS 310 to require Level 3 Heads to appoint an independent auditor for providing impartial advice on operations, internal controls, and prudential reporting. The standard mandates that these entities establish written contracts specifying the auditor's roles, ensure the auditor's fitness and propriety, and guarantee access to all necessary data and staff. It further obligates the Appointed Auditor to submit reports directly to APRA and the Board, providing reasonable or limited assurance on data reliability and compliance with prudential requirements.
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