With the vast majority of the EFS return implementation deadlines behind us, reporting teams are shifting their focus away from the implementation of the regulatory returns towards preparation activities for their annual APS 310 or RRS 710 audit.

For reporting entities with March or June Year-End, the auditors will be required to provide Part A/B opinion (reasonable & limited assurance) on specified forms (ARF 720.0, 720.1, 720.2) as well as Part C opinion (limited assurance covering controls assessment) on most of the submissions. While APS310 audits are not new for Banks (ADI’s), Registered Financial Corporations (RFC’s) will be subject to RRS 710 for the first time in 2020.

With heightened expectations from regulators, audit firms are in turn increasing the scrutiny on ADI’s and RFC’s to inform their APS 310 and RRS 710 audit opinions. Clean APS 310 audit opinions in previous years are by no means a guarantee for a clean audit opinion on EFS forms. This document outlines the key focus areas identified for entities to become audit-ready.