130 paragraphs found
In assessing the control environment, the auditor needs to determine which of the controls at the Licensee are necessary to achieve compliance with Divisions 2, 3, 4, 4A, 5 and 6 of Part 7.8 of the Act; and Division 7 of Part 7.8 of the Act (other than …
Where the auditor is unable to identify controls which are suitable or controls as designed are not suitable to achieve compliance with each requirement, if operating effectively, this may constitute a deficiency in relation to the suitability of design …
The auditor assesses the risk of the controls necessary to achieve the compliance requirements not operating effectively and uses professional judgement in determining the specific nature, timing and extent of procedures to be …
Controls to achieve compliance with Division 2 of Part 7.8 subdivision A of the Act relating to handling of client money need to ensure: Client money is identified. An approved trust account is established for client money. Client money is paid into the …
The auditor establishes whether the Licensee has controls to identify client money received to ensure a trust account is appropriately established. The auditor performs procedures to determine whether the Licensee has designed controls that are suitable …
Controls to achieve compliance with Division 2 of Part 7.8 subdivision B of the Act relating to monies paid to a Licensee by way of a loan from a client, need to ensure: Loans from clients are appropriately identified. An approved trust account is …
The auditor establishes whether the Licensee has controls in place to identify when the Licensee has received a loan from a client to ensure a trust account is appropriately established. The auditor performs procedures to determine whether the Licensee …
Controls to achieve compliance with Division 3 of Part 7.8 of the Act relating to the handling of property other than money given to the Licensee, need to ensure: Client property is identified. Deposits or registration of client property is in accordance …
The auditor establishes whether the Licensee handles client property. The auditor determines whether the Licensee has designed controls suitable to meet the requirements relating to client property and then designs procedures to test that those controls …
Controls to achieve compliance with Division 4 of Part 7.8 of the Act relating to the receipt of client monies by Licensees who are insurance brokers and agents of general and/or life insurance contracts, but not the actual insurer, need to ensure: Client …