Group Auditor of a Level 2 insurance group, under GPS 310 must be one of the following persons: the Appointed Auditor of the parent entity where the parent entity is an insurer; the Appointed Auditor of an APRA authorised insurer within the group; or a …

Level 2 insurance group (insurance group), under Prudential Standard GPS 001 Definitions [3] is: where there is no authorised NOHC and an insurer has controlled entities, the consolidation of the insurer and its controlled entities; or where there is an …

Parent Entity of a Level 2 insurance group, under GPS 310 is: where the Level 2 insurance group is headed by an authorised NOHC, the authorised NOHC; and where the Level 2 insurance group is headed by an insurer, the insurer.   APRA may, in writing, …

Yearly Statutory Accounts, in relation to a body corporate, means the reporting documents [4] that the body corporate is required to lodge with APRA in respect of a financial year, under section 13 of the Financial Sector (Collection of Data) …

Historical financial information ―Information expressed in financial terms in relation to a particular entity, derived primarily from that entity’s accounting system, about economic events occurring in past time periods or about economic conditions or …

Internal audit function ―A function of an entity that performs assurance and consulting activities designed to evaluate and improve the effectiveness of the entity’s governance, risk management and internal control …

Intended users ―The individual(s) or organisation(s), or group(s) thereof that the assurance practitioner expects will use the assurance report. In some cases, there may be intended users other than those to whom the assurance report is addressed. (Ref: …

Lead assurance practitioner ―The individual appointed by the firm, who is responsible for the engagement and its performance, and for the assurance report that is issued on behalf of the firm, and who, where required, has the appropriate authority from a …

Measurer or evaluator ―The party(ies) who measures or evaluates the underlying subject matter against the criteria. The measurer or evaluator possesses expertise in the underlying subject matter. (Ref: Para. A37 , A39 …

Misstatement ―A difference between the subject matter information and the appropriate measurement or evaluation of the underlying subject matter in accordance with the criteria. Misstatements can be intentional or unintentional, qualitative or …