APRA releases updated Prudential Standard on Audit and Related Matters
The Australian Prudential Regulation Authority (APRA) has released amended Prudential Standard SPS 310 Audit and Related Matters (SPS 310).
In the letter published today, APRA reduced the scope of the amendments proposed to SPS 310 as a response to the submissions received from industry during the consultation released in December 2021 and ongoing feedback in relation to implementation challenges.
APRA has also deferred the commencement of the amendments to SPS 310 to 30 June 2023.
The letter to industry and updated SPS 310 can be found 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.