Other Reporting Responsibilities
CPS 510 requires all locally incorporated insurers and authorised NOHCs to have a Board Audit Committee. CPS 510 sets out the specific requirements with respect to the size, composition, responsibilities and powers of the Board Audit Committee.
Although the type of engagement to which this Guidance Statement relates is not in relation to the audit of a financial report under the Corporations Act 2001, guidance on matters of governance interest that the Appointed or Group Auditor considers communicating to the Audit Committee can be found in ASA 260 Communication with Those Charged With Governance.
In the absence of a Board Audit Committee (for a foreign insurer), the auditor will normally communicate with the senior officer outside Australia.