178 paragraphs found
In accordance with ASAE 3000 , the Appointed or Group Auditor considers materiality when: determining the nature, timing and extent of review procedures; considering the effect of identified weaknesses in systems, procedures and controls designed to …
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 examined (see paragraph 56 ) and whether the internal controls will reduce to an acceptable level the risks …
In addition to the guidance provided in ASAE 3000 and other relevant ASAEs, the Appointed and Group Auditor may find ASA 320 helpful when assessing materiality. However, it is not possible to give a definitive view on what may constitute, for example, a …
AASB 1031 may provide useful guidance to the Appointed and Group Auditor also. Matters likely to adversely affect the interests of policyholders are related generally to solvency and going concern assumptions. In the context of APRA’s reporting …
For the purpose of paragraphs 93-101 , the significance of a matter is to be judged by the Appointed or Group Auditor in the context in which it is being considered, taking into account both quantitative and qualitative factors. This may, for example, …
Reference to section 49A(7) [25] of the Act, which defines the term ‘significant’ in the context of matters to be notified to APRA by the Appointed or Group Auditor (as part of the auditor’s nonroutine reporting requirements – refer paragraph 124 ), …
CPS 510 requires an insurer or insurance group [26] to have in place an independent and adequately resourced internal audit function [27] . CPS 510 and APRA Prudential Practice Guide GPG 200 Risk Management set out the requirements and provide guidance to …
GPS 220 requires an insurer’s or insurance group’s RMF to be reviewed by operationally independent, appropriately trained and competent staff. Commonly, this evaluation of the adequacy and effectiveness of the RMF, which includes a review of the insurer’s …
Auditing Standard ASA 610 Using the Work of Internal Auditors , sets out the requirements and provides guidance to the auditor in considering the activities of the internal audit function and evaluating the effect, if any, on audit …
The Appointed or Group Auditor is required to express a conclusion as to whether anything has come to their attention that causes them to believe that the insurer or insurance group does not have systems, procedures and controls in place, that are kept …