APRA Prudential Standard 3PS 310 Audit and Related Matters

This Prudential Standard requires a Level 3 Head to obtain and make available to APRA independent advice from an auditor relating to the operations, internal controls and information provided to APRA in respect of the Level 3 Head and the Level 3 group.

The ultimate responsibility for providing impartial advice in relation to the operations, financial condition and internal controls of a Level 3 group rests with the Appointed Auditor. This advice is designed to assist the Board of a Level 3 Head and senior management of the Level 3 group in carrying out their responsibility for the
sound and prudent management of the group.

The key requirements of this Prudential Standard are that a Level 3 Head must:

• appoint an auditor to undertake the functions set out in this Prudential Standard;
• specify the roles and responsibilities of the Appointed Auditor; and
• ensure that, as appropriate, the Appointed Auditor is able to fulfil its responsibilities in accordance with this Prudential Standard.

The requirements in this Prudential Standard are in addition to the obligations imposed on prudentially regulated institutions under other Prudential Standards.