Tripartite Relationship


APRA liaison with an appointed auditor is conducted normally under tripartite arrangements involving APRA, the ADI and/or head of the group, and its appointed auditor(s). Any one of these parties may initiate meetings or discussions at any time, when considered necessary.[25]


In the normal course, regular tripartite meetings are held to discuss the appointed auditor’s annual prudential assurance report(s), prepared pursuant to APS 310 and/or 3PS 310.


Notwithstanding the tripartite relationship, APRA and the appointed auditor may meet, at any time, on a bilateral basis at the request of either party. APRA may communicate with an auditor of an ADI and/or ADI group on a bilateral basis to obtain or discuss information for whatever reason(s) it considers appropriate.


Under APRA’s Prudential Standard CPS 510 Governance (CPS 510), an APRA-regulated entity is required to ensure that its internal policy and contractual arrangements do not explicitly or implicitly restrict or discourage auditors or other parties from communicating with APRA.


See APS 310 and 3PS 310.