Skip to Content | Contact Us | About AUASB | Links

Latest News

AUASB issues revised GS 012 Prudential Reporting Requirements for Auditors of Authorised Deposit-taking Institutions (ADIs) and ADI Groups.

The AUASB has issued a revised version of AUASB Guidance Statement GS 012 Prudential Reporting Requirements for Auditors of Authorised Deposit-taking Institutions (ADIs) and ADI Groups.  The revised GS 012 provides guidance to the appointed auditor of an ADI and/or ADI group, reporting pursuant to the prudential reporting requirements specified by APRA in Prudential Standards APS 310/3PS 310 Audit and Related Matters, and APS 910 Financial Claims Scheme.

On 11 September 2020, the AUASB approved to issue a revised version of AUASB Guidance Statement GS 012 Prudential Reporting Requirements for Auditors of Authorised Deposit-taking Institutions (ADSs) and ADI Groups (GS 012). 

Since the extant GS 012 was issued in June 2009, APRA has revised APS 310 several times, issued other new or updated prudential standards and guidance related to GS 012, and implemented its framework for the supervision of conglomerate groups.  Also, Australia’s Economic and Financial Statistics (EFS) data collection has been modernised and is now administered by APRA on behalf of the Reserve Bank of Australia and the Australian Bureau of Statistics.

GS 012 has been updated to reflect the revisions to APS 310, to accommodate Level 3 conglomerate groups and to bring APS 910 into its scope.  Other revisions include:

• Additional guidance to address new subject matter included in the scope of GS 012, for example, in relation to non-financial EFS data and prospective information included in Specified APRA Reporting Forms.

• New or improved materiality guidance, including examples, to address new subject matter included in the scope of GS 012 and, in particular, to clarify how APRA’s Reporting Practice Guide RPG 702.0 RBA/ABS Data Quality for the EFS Collection is to be applied to the different parts of the engagement.

• New or updated guidance in response to various new and revised Auditing and Assurance Standards issued since 2009, in particular, guidance on how ASAE 3150 Assurance Engagements on Controls, which is relevant to Part C of the APS 310 engagement and the APS 910 engagement, is to be applied.

All the Appendices to GS 012 have been revised and include example engagement and representation letters, and example prudential assurance reports for the APS 310/3PS 310 and APS 910 engagements, which have all been reviewed by APRA as appropriate for use.

Although Registered Financial Corporations (RFCs) are excluded from the scope of GS 012, the appointed auditor of a RFC may find it useful to refer to and adapt GS 12 guidance, as appropriate in the circumstances, to an assurance engagement undertaken pursuant to APRA Reporting Standard RRS 710.0 ABS/RBA Audit Requirements for Registered Financial Corporations – EFS Collection. The AUASB Technical Group will work with relevant industry groups to determine the need to develop further specific guidance targeted at RFC auditors.

The revision of GS 012 was undertaken with the assistance of a working group of practitioners from the Big 6 accounting firms, in consultation with APRA and the Reserve Bank of Australia.

The AUASB welcomes comments or feedback on the revised Guidance Statement via email at enquires@auasb.gov.au