180 paragraphs found
The auditor evaluates the conclusions drawn from the evidence obtained in conducting the assurance engagement as the basis for the auditor’s opinion/conclusion as required under …
If the auditor: concludes that a material misstatement, internal control deficiency and/or non compliance exists; or is unable to obtain sufficient appropriate assurance evidence to conclude whether a material misstatement, internal control deficiency …
As required under LPS 310, the auditor of a life company must provide the reports to the life company’s Board (or Board Audit Committee) [19] , to ensure the life company can provide the reports to APRA within the timeframes specified in …
To avoid the possibility of the assurance report being used for purposes for which it was not intended, the auditor indicates in the auditor’s report the purpose for which the report is prepared and any restrictions on its distribution and use in an …
AUASB Standards do not prescribe a standardised format for reporting on all assurance engagements. Instead, both Auditing Standard ASA 800 and ASAE 3000 identify the basic elements required to be included in the assurance report. The short form auditor’s …
Assurance reports are tailored to the specific assurance engagement circumstances. Although not specifically required under LPS 310, the auditor may consider it appropriate to include other information and explanations that do not directly affect the …
The auditor ensures that this additional information is clearly separated from the auditor’s opinion and conclusions, and worded in a manner to ensure that it does not affect the opinion and conclusions. This can be achieved, for example, by including any …
Refer to Appendix 1 of this Guidance Statement for an illustrative example of the auditor’s annual prudential assurance report (short form report), prepared pursuant to APRA’s LPS 310 annual reporting …
It is important that management, those charged with governance and the auditor of a life company [21] understand the additional responsibilities to report to APRA under sections 80, 88 and 88A of the Life Act (refer paragraph 28 …
The Life Act specifies under section 80(3) that the apportionment of income and outgoings for a life company carrying on other business as well as its Life Insurance business is not effective unless a report given by the auditor of the life company for …