In addressing the risks and accounting estimates associated with each of the areas in paragraph 41 , the auditor may need to consider performing further substantive procedures to respond to significant risks associated with estimation …

The auditor uses professional judgement to assess whether there is sufficient evidence available to enable the auditor to form an opinion in relation to accounting …

The auditor identifies the most recent yearend life company annual returns submitted to APRA for audit. …

The auditor identifies, and obtains an understanding of, all the prudential requirements (refer to definition under paragraph 17 ) applicable to the specific life company (including any additional guidance provided by APRA to the life company), with …

Compliance with prudential requirements (see paragraphs 27(a) and 27(b) of this Guidance Statement) is broader than compliance with only the quantitative limits in APRA Prudential Standards (for example, capital adequacy requirements). The auditor is …

In relation to a life company’s responsibility to keep the auditor informed of all APRA prudential requirements applicable to the life company, the auditor obtains written representations from those responsible (see paragraphs 109-110 …

APRA Prudential and Reporting Standards provide the criteria for evaluation or measurement, within the context of the auditor’s professional judgement, of the reliability of the information included in life company annual …

The auditor identifies and obtains an understanding of the applicable prudential requirements that govern the preparation of data within life company annual returns, with particular attention to changes in these requirements during the reporting period …

It is important that the auditor obtains an understanding of how APRA Prudential Standards and APRA Reporting Standards differ from the financial reporting framework (Australian Accounting Standards), which determines data recorded in the life company’s …

Data collected in a life company annual return(s) is primarily used by APRA to ensure that: the regulated entity has met the requirements of all prudential standards and other statutory and regulatory requirements; statistical and financial data provided …