444 paragraphs found
The APRA requirement for an auditor to undertake a special purpose engagement constitutes a separate reporting engagement. The details of the engagement will normally be the subject of a specific request from APRA to the ADI. A separate engagement letter …
The appointed auditor’s special purpose engagement assurance report is generally to be submitted simultaneously to APRA and those charged with governance of the ADI and/or ADI group, within three months of the date of the notice commissioning the report, …
The appointed auditor accepts the engagement only when satisfied that relevant ethical requirements relating to the assurance engagement have been met. The concept of independence is important to the appointed auditor’s compliance with the fundamental …
An engagement letter [114] confirms both the client’s and the appointed auditor’s understanding of the terms of the engagement, helping to avoid misunderstanding, and the auditor’s acceptance of the appointment. Both parties sign the engagement letter to …
To ensure that there is a clear understanding regarding the terms of the engagement, the following are examples of matters to be agreed: APRA is to identify the scope of the ADI’s operations, prudential reporting, risk management or financial position to …
Ordinarily, the appointed auditor adopts a long form style of reporting and the report may include a description of the terms of the engagement, materiality considerations applied, the assurance approach, findings relating to particular aspects of the …
The appointed auditor’s assurance report is to be restricted to the parties that have agreed to the terms of the special purpose engagement, namely the ADI and APRA, as well as other parties that APRA is lawfully entitled to share the information …
It is important that the auditor of an ADI recognises and understands their additional responsibilities under sections 16B, 16BA and 16C of the Banking Act, imposed on any auditor [115] of an ADI, an authorised NOHC, or their subsidiaries, to provide …
Under the Banking Act, these matters are to be reported to APRA in writing and within specified time periods. …
Sections 16B, 16BA and 16C of the Banking Act is applicable to all and any auditor of an ADI, authorised NOHCs, or their subsidiaries, not only to auditors appointed by an ADI to meet the prudential requirements under APS …