178 paragraphs found
The APRA requirement for an Appointed or Group Auditor to undertake a special purpose engagement in a selected area of the insurer’s or insurance group’s operations, constitutes a separate engagement and reporting. The Appointed or Group Auditor …
Due to the nature of audit testing and review procedures, and other inherent limitations of audits and reviews, together with the inherent limitations of all control systems, there is a possibility that a properly planned and executed audit or review will …
The extent of reporting matters that could be improved depends on the Appointed or Group Auditor’s judgement. Materiality is to be addressed in the context of the insurer’s or insurance group’s objectives relevant to the particular area of activity being …
The report is to be restricted to the parties that have agreed to the terms of the special purpose engagement, namely those charged with governance and management of the insurer or insurance group, and …
The format of the special purpose engagement report will vary depending on the type of engagement; that is, an audit (reasonable assurance), a review (limited assurance) or agreedupon procedures (no assurance), as well as the topic and the findings. The …
Following the determination by APRA of the specific area to be examined, the Appointed or Group Auditor, APRA and the insurer or insurance group agree on the terms of the engagement. It is in the interests of both the insurer or insurance group and the …
To ensure that there is a clear understanding regarding the terms of the engagement, the following are examples of matters to be agreed: APRA is to identify the scope of the insurer’s or insurance group’s operations, risk management or financial affairs …
It is important that the Appointed or Group Auditor of an insurer, an authorised nonoperating holding company (NOHC), or a subsidiary of an insurer or authorised NOHC, understands the additional responsibilities in relation to nonroutine reporting to …
Under section 49 of the Act, APRA may give written notice to a person who is, or who has been, the Appointed or Group Auditor of either an insurer, an authorised NOHC, or a subsidiary of an insurer or authorised NOHC, to provide information about such …
Section 49A of the Act identifies matters of which APRA needs to be notified immediately (for example, where an existing or proposed state of affairs may prejudice materially the interests of policyholders); and as soon as is practicable [34] (for …