Banking, Insurance and Life Insurance (prudential standards) determination No. 3 of 2011 - Prudential Standard CPS 510 - Governance
Auditor independence[14]Auditor independence[14]
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Auditor independence[14]
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The Corporations Act contains a number of requirements in relation to auditor independence. The auditor independence requirements in this Prudential Standard are substantially consistent with those requirements, and are intended to help ensure the independence of an auditor engaged to perform work of a prudential nature in relation to the Banking Act, Insurance Act, Life Insurance Act (collectively, the Prudential Acts), Prudential Standards and Reporting Standards.[15]
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The Board, senior officer outside Australia or the Compliance Committee, as relevant, must, to the extent practical, undertake steps to satisfy itself that the auditor, who undertakes work for the regulated institution in relation to the Prudential Acts, Prudential Standards or Reporting Standards, is independent of the regulated institution,[16] and that there is no conflict of interest situation that could compromise, or be seen to compromise, the independence of the auditor.