178 paragraphs found
The Appointed or Group Auditor reviews whether the high level controls over systems and procedures pertinent to the Prudential Requirements, as documented in the RMS and the REMS, exist and whether the insurer or insurance group has in place a periodic …
As part of the review, the Appointed or Group Auditor obtains an understanding of the insurer’s or insurance group’s compliance framework, which may include the following key elements: Procedures for identifying and updating compliance obligations. Staff …
Under GPS 220, an insurer or parent entity of the insurance group is required to submit to APRA, at the same time as lodgement of the yearly statutory accounts or group annual accounts, a declaration on risk management and on financial information. These …
The Appointed or Group Auditor is not required to form an opinion on these Declarations other than in the context of the auditor’s responsibility to express a conclusion on the insurer’s or insurance group’s compliance with the responsibilities and …
Section 39 of the Act outlines the mechanism for the appointment of an auditor by an insurer and parent entity of the insurance group. Under this section, an insurer or the insurance group must not appoint a person as the auditor unless: the insurer is …
Prudential Standard CPS 520 Fit and Proper (CPS 520) sets out the eligibility criteria for appointment as auditor of an insurer or insurance group. Prudential Standard CPS 510 Governance (CPS 510) includes provisions relating to the independence of an …
Section 44 of the Act sets out the circumstances under which APRA may disqualify a person from holding an appointment as an auditor of an insurer. [12] APRA may, if satisfied that grounds exist under section 49R [13] , direct an insurer to remove an …
Under section 41 of the Act, an auditor appointed by an insurer and the Group Auditor appointed by the parent entity of an insurance group, must comply with the Prudential Standards in performing their duties and exercising their …
Sections 49, 49A and 49B of the Act, together with GPS 310, specify certain circumstances where the Appointed Auditor or Group Auditor is required to report to APRA on a nonroutine basis, where APRA requests specific information, or where an Appointed …
Broadly, section 49J of the Act, together with GPS 310, requires the appointed auditor to: conduct an audit of the yearly statutory accounts of the insurer and provide an auditor’s report to the insurer which contains the auditor’s opinion in relation to …