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.