APRA Issues RRS 710 and RPG 702 on EFS Data Quality Framework
APRA published the revised “Reporting Practice Guide RPG 702.0 ABS/RBA Data Quality for the EFS Collection” and “Reporting Standard RRS 710.0 ABS/RBA Registered Financial Corporations audit for the EFS Collection.” RRS 710.0 will commence on July 01, 2019. APRA also created a web page dedicated to the Economic and Financial Statistics (EFS) data collection.
Additionally, APRA published its response to the submissions received to the proposal for a new data quality reporting standard (RRS 710.0) and the guidance (RPG 702.0) that would apply to the EFS data collection. APRA, RBA, and the Australian Bureau of Statistics (ABS) received 11 submissions from reporting entities, auditors, and an industry association. In January 2017, APRA, ABS, and RBA had proposed a revised EFS data collection, which included proposal for a new EFS data quality framework. In August 2017, in response to the feedback received, the agencies and APRA undertook a further round of consultation on the proposed framework. The revised framework retained the data quality, as indicators of the level of accuracy expected by the agencies for specified data items. The response paper sets out details of the submissions received, along with the agencies’ responses to the comments on RPG 702.0 and RRS 710.0.
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Effective Date: July 01, 2019 (RRS 710.0)
Keywords: Asia Pacific, Australia, Banking, EFS Collection, Data Quality Framework, Response to Consultation, RRS 710.0, RPG 702.0, APRA
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