Quality control

11. The information provided by an ADI under this Reporting Standard (except for the information required under paragraph 5) must be the produced by processes and controls that have been reviewed and tested by the external auditor of the ADI once the ADI is required to comply with AASB 13 Fair Value Measurement for public reporting in Australia. Guidance Statement GS 012 Prudential Reporting Requirements for Auditors of Authorised Deposit-taking Institutions, issued by the Auditing and Assurance Standards Board, provides guidance on the scope and nature of the review and testing required from external auditors. This review and testing must occur at least annually and more frequently if necessary for the external auditor to form an opinion on the accuracy and reliability of the information.

12. All information provided by an ADI under this Reporting Standard must be subject to processes and controls developed by the ADI for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the ADI to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.