Reasonable assurance engagement means an assurance engagement in which the assurance practitioner reduces engagement risk to an acceptably low level in the circumstances of the engagement as the basis for the assurance practitioner’s conclusion. The …

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 …

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: …