41 paragraphs found
Reporting requirements imposed on the Appointed Auditor of a general insurer and the Group Auditor of the insurance group by APRA are in addition to the audit and review of financial reports required under the Corporations Act 2001 . Section 49 of the …
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 …
The Appointed Auditor of a foreign insurer is unlikely to have complete knowledge of the overseas operations of the parent or related entities of the foreign insurer. The Appointed Auditor may not have had responsibility for the financial report audit of …
It must be appreciated that the Appointed Auditor of an insurer or the Group Auditor of an insurance group, does not evaluate all aspects of the internal control structure and systems of controls when performing an audit or review of financial reports …
The Appointed or Group Auditor may be requested to perform any of the following types of engagements: an audit (reasonable assurance); a review (limited assurance); and/or agreed upon procedures (no …
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 …
Under section 49J of the Act, an insurer and parent entity of an insurance group are required to make arrangements necessary to enable the Appointed or Group Auditor to undertake the audit function as required by the Act and Prudential Standards made …
… appropriate subledger or subsystem but does not extend to auditing the financial or statistical information presented …
ASA 800 establishes requirements and provides explanatory material in relation to the audit of special purpose financial reports. …
Under GPS 310, the insurer and parent entity of the insurance group are furthermore required to ensure that the auditor has access to all relevant data, information, reports and staff of the insurer or insurance group, that the auditor reasonably believes …