{"id":"F2021L00776","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2021","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-24-of-2021","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":101913,"registerId":"commonwealth-F2021L00776-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2021","content":"![](image.001.png)\n\nFinancial Sector (Collection of Data) (reporting standard) determination No. 24 of 2021\n\nReporting Standard RRS 710.0 ABS/RBA Audit Requirements for Registered Financial Corporations – EFS collection\n\nFinancial Sector (Collection of Data) Act 2001\n\nI, Alison Bliss, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:\n\n(a) revoke Financial Sector (Collection of Data) (reporting standard) determination No. 22 of 2019, including Reporting Standard RRS 710.0 ABS/RBA Audit Requirements for Registered Financial Corporations - EFS collection made under that Determination; and\n\n(b) determine Reporting Standard RRS 710.0 ABS/RBA Audit Requirements for Registered Financial Corporations - EFS collection, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 2 of the reporting standard.\n\nUnder section 15 of the Act, I declare that the reporting standard shall begin to apply to those financial sector entities, and the revoked reporting standard shall cease to apply, on 1 July 2021.\n\nThis instrument commences on 1 July 2021.\n\nDated: 16 June 2021\n\n\\[Signed\\]\n\nAlison Bliss\n\nGeneral Manager\n\nData Analytics & Insights Division\n\n  \n\nInterpretation\n\nIn this Determination:\n\nAPRA means the Australian Prudential Regulation Authority.\n\nfinancial sector entity has the meaning given by section 5 of the Act.\n\nSchedule\n\nReporting Standard RRS 710.0 ABS/RBA Audit Requirements for Registered Financial Corporations – EFS collection comprises the document commencing on the following page.\n\n![](image.001.png)\n\nReporting Standard RRS 710.0\n\nABS/RBA Audit requirements for Registered Financial Corporations – EFS collection\n\nObjectives and key requirements of this Reporting Standard\n\nThis Reporting Standard establishes requirements for a registered financial corporation (RFC) to ensure that the Australian Prudential Regulation Authority (APRA), Reserve Bank of Australia (RBA) and Australian Bureau of Statistics (ABS) have access to the provision of independent advice on the information and internal controls of that RFC, in relation to the Economics and Financial Statistics collection.\n\nKey requirements of this Reporting Standard are that:\n\n(i) an RFC must submit to APRA all reports required to be prepared by an auditor under this Reporting Standard;\n\n(ii) an RFC must ensure that the auditor prepares reports on aspects of the RFC in accordance with the requirements and timeframes specified in this Reporting Standard; and\n\n(iii) an RFC must ensure that, as appropriate, the auditor is able to fulfil its roles and responsibilities in accordance with this Reporting Standard.\n\nAuthority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\nApplication\n\n2. This Reporting Standard applies to registered financial corporations (RFCs) required to report under the EFS collection.\n\n3. RFCs to which this Reporting Standard applies must comply with this Reporting Standard in its entirety (unless expressly indicated otherwise).\n\n4. This Reporting Standard commences on 1 July 2021.\n\nObligations of an RFC – auditor appointment\n\n5. An RFC must annually appoint an auditor (Auditor) for the purposes of this Reporting Standard.\n\n6. An RFC must ensure that the terms of engagement between the RFC and the Auditor include:\n\n(a) the Auditor’s roles and responsibilities specified in this Reporting Standard; and\n\n(b) a requirement that the Auditor, in preparing a report under this Reporting Standard, must have regard to relevant Standards and Guidance issued by the Auditing and Assurance Board (AUASB), to the extent that those Standards and Guidance are not inconsistent with the requirements of this Reporting Standard.\n\n7. An RFC must use all reasonable endeavours to ensure the Auditor complies with the terms of engagement contained in paragraph 6.\n\n8. An RFC must ensure that the Auditor has access to all data, information, reports and staff of the RFC that the Auditor reasonably requires to fulfil their role and responsibilities in relation to the EFS collection. This includes access to the RFC Board and internal auditors as required by the Auditor.\n\n9. An RFC must ensure that the Auditor is fully informed of all reporting requirements applicable to the RFC. In addition, the RFC must ensure that the Auditor is provided with any other information APRA has provided to the RFC that may assist the Auditor in fulfilling their role and responsibilities in relation to the EFS collection.\n\nObligations of an RFC – audit report\n\n10. An RFC must submit to APRA the reports referred to in paragraph 15 in relation to the matters set out in paragraph 16. They must be submitted on or before the day specified in paragraph 15.\n\n11. An RFC, if requested by APRA, must within a reasonable time provide APRA with the terms of engagement, other instructions or correspondence, including management letters, which may have a bearing on the:\n\n(a) scope or conduct of work undertaken by the Auditor, or,\n\n(b) report form, content, or coverage including findings or opinions provided by the Auditor,\n\nin accordance with this Reporting Standard.\n\n12. An RFC must ensure that the following are provided to its Board:\n\n(a) reports provided by the Auditor in accordance with this Reporting Standard, and any associated assessments and other material prepared in connection with fulfilling the requirements of this Reporting Standard;\n\n(b) commentary or responses provided to the RFC by APRA (including responses provided by APRA on behalf of the agencies) on reports provided by the Auditor, and any associated assessments and other material; and\n\n(c) any commentary or response given by the RFC on the Auditor’s reports, associated assessments and other material given by the RFC to APRA.\n\n13. An RFC must ensure that, upon request by APRA in writing, the Auditor provides working papers and other documentation to APRA.\n\nInternal audit\n\n14. An RFC must ensure that the scope of internal audit includes a review of the policies, processes and controls put in place by management for compliance with the EFS reporting standards.\n\nResponsibilities of the Auditor\n\n15. An RFC must ensure that the Auditor provides reports to the RFC’s Board on the matters referred to in paragraph 16 within four months after the RFC’s financial year end.\n\n16. An RFC must ensure that the reports prepared by the Auditor provide:\n\n(a) Reasonable assurance or limited assurance in accordance with paragraph 17 on the information required under:\n\n(i) Reporting Standard ARS 720.0 ABS/RBA Statement of Financial Position;\n\n(ii) Reporting Standard ARS 720.1 ABS/RBA Loans and Leases; and\n\n(iii) Reporting Standard ARS 720.2 ABS/RBA Deposits.\n\n(b) Limited assurance that the RFC’s systems, processes and internal controls:\n\n(i) are designed to ensure that the RFC has complied with all applicable reporting requirements under the EFS collection;\n\n(ii) are designed to ensure the RFC has provided reliable data to APRA as required under the EFS collection; and\n\n(iii) have operated effectively for the purposes of subparagraphs (b)(i) and (b)(ii) above throughout the RFC’s financial year.\n\n17. An RFC must ensure that the Auditor, when reporting in accordance with paragraph 16:\n\n(a) for data sourced only from accounting records – provides reasonable assurance that the information in these collections, as at the RFC’s financial year end, is reliable and in accordance with the relevant reporting standards.\n\n(b) for data sourced only from non-accounting records – provides limited assurance that the information in these collections, as at the RFC’s financial year end, is reliable and in accordance with the relevant reporting standards;\n\n(c) for data sourced from a combination of accounting records and non\\-accounting records – provides reasonable assurance that information sourced from accounting records, and limited assurance that information sourced from non-accounting records, as at the RFC’s financial year end, is reliable and in accordance with the relevant reporting standards.\n\n18. For the purposes of this Reporting Standard, reasonable assurance and limited assurance are defined in accordance with the Framework for Assurance Engagements issued by the AUASB, and accounting records is defined in accordance with the AUASB Glossary, both of which are issued under section 227B of the Australian Securities and Investments Commission Act 2001.\n\n19. An RFC must ensure that the Auditor, in preparing reports in accordance with paragraph 16:\n\n(a) does so on the basis that the agencies may rely on the report; and\n\n(b) exercises independent judgement and does not place sole reliance on the work performed by APRA.\n\n20. An RFC must ensure that the Auditor retains all working papers and other documentation in relation to the requirements set out in paragraph 16, for a period of seven years from the date of the report to which the working papers or documentation relate.\n\nOther responsibilities of an RFC\n\n21. The costs of preparing and submitting reports, documents and other material required by this Reporting Standard must be borne by the RFC.\n\n22. An RFC must ensure that persons involved in the provision of information for the purposes of the EFS Collection (including the Auditor and officers and employees of the RFC) should note that it is an offence under subsections 137.1 and 137.2 of the Criminal Code Act 1995 to provide, whether directly or indirectly, false and misleading information to a Commonwealth entity, such as APRA.\n\n23. Liaison with the Auditor will normally be conducted under tripartite arrangements involving APRA and the agencies, the RFC and the Auditor. Notwithstanding the tripartite relationship, APRA (and/or one or more of the agencies), and the Auditor may meet, at any time, on a bilateral basis at the request of either party.\n\nInterpretation\n\n24. Terms that are defined in Reporting Standard ARS 701.0 ABS/RBA Definitions for the EFS Collection (ARS 701.0) or in this Reporting Standard appear in bold italic.\n\n25. In this Reporting Standard:\n\n    agencies means the ABS and the RBA.\n\nAUASB means the Australian Auditing and Assurance Standards Board.\n\n26. Unless the contrary intention appears, any reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force or existing from time to time.","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"On its face this Determination revokes Determination No. 22 of 2019 and reissues Reporting Standard RRS 710.0, but continues to apply to RFCs required to report under the EFS collection (para 2). The instrument specifies auditor, reporting, access, retention and cost allocation obligations (paras 5–21) without an express expansion or narrowing of the class of entities covered."},"complexity_factors":["Cross-references to other instruments and standards increase interpretive work: Reporting Standard ARS 701.0 definitions (para 24), ARS 720.x reporting standards referenced in audit scope (para 16(a)), and AUASB standards/Guidance (para 6(b), paras 17–18).","Mandatory annual auditor appointment with specified engagement terms creates contractual obligations for RFCs (paras 5–7).","Access and information obligations: auditors must be given access to all data, staff, Board and internal auditors as reasonably required (para 8); APRA may request working papers and documentation from the Auditor (para 13).","Reporting timeframes: auditor must provide reports to the RFC Board within four months after the RFC’s financial year end (para 15), requiring coordination of audit schedules.","Assurance gradations and sourcing rules add nuance to audit work and evidence requirements: reasonable vs limited assurance depends on whether data are from accounting records or non-accounting records (paras 16–18).","Evidence retention and disclosure burdens: auditors must retain working papers for seven years (para 20); RFCs must provide engagement terms and related correspondence to APRA on request (para 11).","Allocation of costs and liability signals: RFCs bear the costs of preparing and submitting required reports (para 21); criminal offence for providing false/misleading information is expressly noted (para 22).","Liaison arrangements introduce procedural discretion: tripartite arrangements are normal but APRA or agencies and Auditor may meet bilaterally (para 23), affecting coordination and possible supervisory interactions.","Requirement that auditors produce reports on the basis that agencies may rely on them and exercise independent judgement (para 19) creates professional independence expectations and limits reliance on APRA work.","The instrument revokes a prior determination and replaces it (preamble), so implementers must map prior compliance processes to the new text (administrative transition cost)."],"plain_english_summary":"This instrument revokes Determination No. 22 of 2019 and replaces it with Reporting Standard RRS 710.0, effective 1 July 2021, which requires registered financial corporations (RFCs) in the Economics and Financial Statistics (EFS) collection to appoint auditors and provide auditor reports, access to data and records, and retention of audit documentation. The agencies state the purpose is to give APRA, the RBA and the ABS independent assurance on EFS data; those aims are implemented by imposing audit engagement terms, reporting timeframes and compliance costs on RFCs."},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This is a straightforward replacement of Determination No. 22 of 2019 with substantially the same scope. It maintains the original purpose of establishing audit requirements for RFCs reporting under the EFS collection. The 2021 version appears to be a technical update rather than an expansion of scope, with similar coverage of auditor appointment, reporting obligations, and assurance requirements."},"complexity_factors":["Moderate cross-referencing: references 3 other reporting standards (ARS 720.0, 720.1, 720.2) and ARS 701.0 for definitions","Conditional assurance requirements: distinguishes between 'reasonable assurance' and 'limited assurance' based on data source (accounting vs non-accounting records)","Nested obligations: RFC obligations flow through to auditor obligations, with specific timeframes (4 months after year-end) and retention periods (7 years)","Tripartite regulatory framework involves coordination between APRA, RBA and ABS, adding procedural complexity","External definitions incorporated by reference: AUASB Framework for Assurance Engagements and AUASB Glossary definitions","23 operative paragraphs plus interpretation section with 7 defined terms (though most definitions point to external standards)"],"plain_english_summary":"This reporting standard requires registered financial corporations that submit to the EFS collection to commission an independent annual audit of their financial reporting systems and submit audit reports to APRA. Auditors must have full access to records, staff and board, retain working papers for seven years, and provide either reasonable or limited assurance as specified. It affects roughly 100+ non‑bank lenders and their auditors and aims to give APRA, the RBA and ABS reliable, independently verified data on the non‑bank (shadow banking) sector."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-24-of-2021","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-24-of-2021/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-24-of-2021/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-24-of-2021/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-24-of-2021/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-24-of-2021/documents"}}