APRA releases proposed amendments to Prudential Standard SPS 310 Audit and Related Matters
The Australian Prudential Regulation Authority (APRA) has released for consultation its proposed amendments to Prudential Standard SPS 310 Audit and Related Matters (SPS 310).
The updates released today aim at aligning SPS 310 with recent changes to APRA’s reporting standards for superannuation.
The specified data items that APRA proposes to subject to review include those that will be used for APRA’s administration of the Your Future, Your Super performance test and data published in APRA’s Heatmap. The letter to industry also states the information provided under APRA reporting standards that must be covered in the RSE auditor’s annual report, and the level of assurance required.
APRA will consult on these amendments for three months, with submissions due by 11 March 2022.
The letter to RSE licensees and RSE auditors is available on the APRA website at: Amendments to Prudential Standard SPS 310 Audit and Related Matters.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.