180 paragraphs found
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 high, but not absolute, level of assurance …
The auditor performs procedures appropriate to provide limited assurance in relation to internal controls existing at the review date, and whether those controls have operated as documented throughout the financial …
It is the responsibility of the auditor to make the life company aware, as soon as practicable, of any identified material misstatements in life company annual returns, material deficiencies in internal controls and instances of material noncompliance …
Such communications are made as soon as practicable, either orally or in writing. The auditor’s decision whether to communicate orally or in writing ordinarily is affected by factors such as the nature, sensitivity and significance of the matter to be …
When, in the auditor’s judgement, those charged with governance do not respond appropriately within a reasonable period of time, the auditor considers whether to modify the auditor’s annual prudential assurance …
It is important that the auditor understands the additional statutory responsibilities to report certain matters to APRA under the Life Act . Failure to notify APRA as required represents a criminal offence, which attracts criminal penalties (refer …
Material findings (misstatements, control deficiencies and noncompliance) are reported to APRA and the life company’s Board (or Board Audit Committee) as modifications to the auditor’s assurance report (refer paragraph 125 …
Under Auditing Standard ASA 260 Communication with Those Charged With Governance (ASA 260), ASA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management (ASA 265) and ASAE 3000 , the auditor communicates relevant …
The auditor informs those charged with governance of the life company of those uncorrected misstatements, other than clearly trivial amounts, aggregated by the auditor during and pertaining to the engagement that were considered to be immaterial, both …
Under LPS 310, if requested by APRA, the auditor submits directly to APRA all assessments and other material associated with the auditor’s report, such as management letters issued by the auditor to the life company which contain material findings …