Under normal circumstances, APRA does not consult directly with an auditor of a life company on matters concerning an individual life company. APRA’s liaison with an auditor of a life company is normally conducted under tripartite arrangements involving APRA, the life company and its auditor(s).
Any one of the parties involved in the tripartite relationship may initiate meetings or discussions at any time, when considered necessary.
Notwithstanding the tripartite relationship, APRA and the auditor may meet, at any time, on a bilateral basis at the request of either party. APRA may communicate with an auditor of a life company on a bilateral basis to obtain or discuss information for whatever reason it considers appropriate.
Under CPS 510, a life company is required to ensure that its internal policy and contractual arrangements do not explicitly or implicitly restrict or discourage auditors (or other parties) from communicating with APRA.
See LPS 310, paragraph 15.