Regulatory AlertsPrudential Standard GPS 310 Audit and Related Matters
The Australian Prudential Regulation Authority issued Prudential Standard GPS 310 to establish the roles, responsibilities, and reporting obligations for Appointed Auditors and Group Auditors of general insurers and Level 2 insurance groups. The standard mandates that regulated entities provide auditors with necessary access to data and staff while requiring the submission of annual audit certificates, reports, and financial information declarations to APRA within specified timeframes. It further defines requirements for special purpose reviews, non-routine reporting on policyholder interests, and the specific appointment and independence criteria for Group Auditors overseeing Level 2 insurance groups.
Share