As a foreign ADI is not required to prepare a financial report under the Corporations Act, there is no requirement for a statutory financial report audit to be undertaken. Therefore, the accounting records of a foreign ADI would not generally be subjected …

… there is no equivalent International Standard on Auditing or International Auditing Practice Note to this Guidance Statement. …

CPS 510 requires all ADIs (including a foreign ADI in relation to its Australian business) and authorised NOHCs, to have in place an independent and adequately resourced internal audit function. [76] APS 310 and 3PS 310 require an ADI and/or the head of …

In gaining an understanding of the entity and its environment, the appointed auditor can draw on knowledge gained as part of the annual financial statement audit conducted under the Corporations Act. However, this understanding needs to be updated and …

… This Guidance Statement has been formulated by the Auditing and Assurance Standards Board (AUASB), in …

The audit [and review] of financial reports under the Corporations Act 2001 (Corporations Act) (where required) is directed towards obtaining sufficient appropriate evidence to form an opinion or conclusion, as applicable, on whether the financial report …

In relation to reporting under sections 16B and 16BA of the Banking Act, there is no requirement for the appointed auditor of an ADI to carry out additional work to satisfy the auditor with respect to the above matters. The appointed auditor reports to …

The appointed auditor may decide to place reliance on work undertaken by the auditor appointed for the purpose of the audit of the general purpose financial report, required under the Corporations Act (the statutory audit), as the basis for opining on the …