Section 290 of the code of ethics contains several provisions dealing with rotation requirements. To view Section 290 click here. 
 
Additionally, Prudential Standard APS 510 (issued by the Australian Prudential Regulation Authority (APRA)) applies to authorised deposit-taking institutions and authorised non-operating holding companies. It also includes rotation provisions dealing with independence for auditors similar to those in the Corporations Act.  
 
While the Prudential Standard commenced on 1 October 2006, a transition period applies to the auditor rotation and independence requirements where the auditor was not previously subject to the auditor rotation provisions in the Corporations Act. The standard is available on the APRA website  
 
For more information:

• Return to the e-bulletin article New independence requirements