What this instrument covers
The Australian Prudential Regulation Authority (APRA) registered a new prudential standard on 6 August 2026. The standard applies to banks, insurers, and life insurers regulated by APRA.
The instrument is authorised under the Banking Act 1959, the Life Insurance Act 1995, and the Insurance Act 1973.
What the standard sets out
The prudential standard establishes rules in the following areas:
- Fitness and propriety of appointed auditors - requirements relating to the suitability of auditors appointed by regulated entities
- Responsibilities of a Level 3 head - obligations placed on the head of a Level 3 group
- Internal audit requirements - rules governing internal audit functions
- Meetings with appointed auditors - requirements around formal meetings between entities and their appointed auditors
- Auditor reports - rules covering both routine and special purpose auditor reports
- Adjustments and exclusions - provisions that allow for modifications or exclusions from certain requirements
When it takes effect
The instrument was registered on 6 August 2026. The source does not specify a separate commencement date beyond the registration date of 6 August 2026. The instrument is already in force.
Key actions
- Read the full determination at https://www.legislation.gov.au/F2026L01033 to check whether the auditor fitness, internal audit, or reporting requirements affect current arrangements.
- Review the sections titled Fitness and propriety of the Appointed Auditor and Responsibilities of a Level 3 Head in the determination to assess whether appointed auditor and Level 3 head responsibilities meet the new requirements.
- Set up an alert for updates to this instrument via the Federal Register of Legislation at https://www.legislation.gov.au/F2026L01033 using the Save this title or Set up an alert options on the page.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.