Reliability under the Australian Accounting Standards Board’s Framework for the Preparation and Presentation of Financial Statements means information has the quality of reliability “… when it is free from material error and bias and can be depended upon …

For the purposes of this Guidance Statement, the following items have the meanings attributed below: …

Assurance engagement means an engagement in which an assurance practitioner [5] aims to obtain sufficient appropriate evidence in order to express a conclusion designed to enhance the degree of confidence of the intended users other than the responsible …

Auditor means an independent auditor(s) appointed by a life company to meet the prudential reporting requirements under LPS 310 [6] …

Engagement risk means the risk that the assurance practitioner expresses an inappropriate conclusion when the subject matter information is materially …

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 …