445 paragraphs found
APS 910 identifies additional requirements for the appointed auditor to perform a limited assurance engagement on an ADI’s controls to ensure that SCV data as set out in APS 910 Attachment A, to the extent practicable, and FCS payment instruction and …
In practice, the auditor’s annual APS 310/3PS 310 assurance engagement on controls (Part C) factors in all APS 910 requirements with which the ADI is expected to be compliant. This approach allows the timing of the APS 910 engagement to be aligned with …
Limited assurance procedures selected depend on the auditor’s judgement, including assessment of the risks of a material breakdown in controls. In making those risk assessments, the auditor considers internal control systems and compliance functions …
The limited assurance engagement in relation to APS 910 controls may include making enquiries of management and those responsible for the controls, examination of design specifications and documentation on a sample basis, observation of implementation and …
In applying the terms “complete” and “accurate” to the controls engagement, the auditor has regard to definitions and guidance provided by APRA in CPG 235. Refer to Appendix 5 of this Guidance Statement (see Attachment 3 to the example report, entitled: …
For guidance on how the term “to the extent practicable” is to be interpreted, the auditor refers to guidance provided by APRA in its August 2013 Information Paper: Financial Claims Scheme for authorised deposit-taking institutions and under Financial …
The phrase “to the extent practicable” applies to those limited circumstances and/or customers where it may not be possible or practical for an ADI to meet all the requirements of APS 910 or the Banking Act, despite best endeavours. [89] Where possible, …
Under APS 910, the appointed auditor is required to perform limited assurance procedures to evaluate whether the ADI’s controls operated effectively when tested by the ADI in accordance with the testing requirements specified in APS 910 [90] . In …
Prudential Requirements for foreign ADIs (branches) may differ from those of locally incorporated ADIs [93] and, consequently, these are considered by the appointed auditor. For example, foreign ADIs are not required to report in Australia with respect to …
APRA requires the appointed auditor of a foreign ADI to conform to APS 310 [94] and other relevant Prudential Requirements as they apply to foreign ADIs. The appointed auditor of a foreign ADI considers the individual engagement requirements and …