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 purpose of this Guidance Statement, the following term has the meaning attributed below:   Associate means an entity, including an unincorporated entity such as a partnership, over which the investor has significant influence and that is neither a …

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 …

Subject matter information―The outcome of the measurement or evaluation of the underlying subject matter against the criteria. In an assurance engagement on controls the subject matter information is the Statement of the responsible party or evaluator in …

Subject matter or underlying subject matter―The controls within the system designed to achieve the control objectives, and, if included in the scope of the engagement, the description of the system, the controls implemented or the controls in …

System―The function or service at the entity, location or operational facility for which the controls are being reported upon by the assurance …

Test of controls―A procedure designed to evaluate the design, description, implementation or operating effectiveness of controls in achieving the identified control …