178 paragraphs found
Where the Appointed or Group Auditor becomes aware of material weaknesses in internal controls, compliance errors or irregularities highlighted during the review, the Appointed or Group Auditor reports these instances to an appropriate level of management …
Prior to issuing the Appointed or Group Auditor’s review report, the Appointed or Group Auditor obtains a written representation from the insurer or the insurance group’s management [24] which contains its assertions, for example, that the insurer or the …
An illustrative example of an annual Prudential Review Report, prepared by the Appointed or Group Auditor in compliance with APRA annual reporting requirements, is set out in …
To assist in the effective and efficient operation of the reporting process, there is a need to avoid misunderstanding and to clarify what is required or can be achieved in providing the reports as per GPS 310. There is furthermore a need to avoid …
In a limited assurance engagement, the assurance practitioner’s conclusion is expressed in a form that conveys whether, based on the procedures performed and evidence obtained, matter(s) have come to the practitioner’s attention to cause them to believe …
For the purpose of expressing a conclusion in the review report, the Appointed or Group Auditor, through limited procedures, obtains sufficient appropriate evidence to support the conclusion. These limited procedures comprise primarily of enquiries of the …
The Appointed or Group Auditor is not required by GPS 310 to extend the scope of the review engagement in order to report to APRA matters which will, or are likely to, affect adversely the interests of policyholders of the insurer or insurance group, or …
While reviews involve the application of audit related skills and techniques, usually they do not involve many of the procedures performed during an audit. In an audit, as the auditor’s objective is to provide a reasonable, but not absolute, level of …
There are inherent limitations in any internal control structure. Furthermore, fraud, error or noncompliance with laws and regulations may occur and not be detected. As the systems, procedures and controls to ensure compliance with APRA Prudential …
Projections of any evaluation of internal control procedures to future periods are subject to the risk that control procedures may become inadequate because of changes in conditions after the review reports are signed, or that the degree of compliance may …