Regulatory AlertsPrudential Standard SPS 310 Audit and Related Matters
The Australian Prudential Regulation Authority issued Prudential Standard SPS 310 to require all registrable superannuation entity licensees to appoint independent auditors for their operations. The standard mandates that licensees ensure auditors meet strict fitness and propriety criteria, have unrestricted access to necessary data, and provide annual reports offering reasonable or limited assurance on financial statements, risk controls, and legislative compliance. Additionally, the document outlines specific obligations for auditor reporting timelines, working paper retention, and the provision of special purpose engagements upon APRA's request.
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