180 paragraphs found
Under section 88 of the Life Act , the auditor has certain obligations to report to the company or those charged with governance any matters that come to the attention of the auditor that the auditor thinks requires action to be taken by the company or …
Section 89 of the Life Act applies the concept of qualified privilege to auditors of a life company and is in addition to any privilege conferred on a person by the Corporations Act 2001 …
Section 88A of the Life Act states: a person who is or was the auditor of a life company may give information, or produce books, accounts or documents, about the life company to APRA if the person considers that doing so will assist APRA in performing its …
Under LPS 310, in addition to the annual prudential reporting requirements, APRA may require a life company, by notice in writing, to arrange for its auditor (who may be the existing auditor or another auditor agreed to by APRA and who satisfies the …
Unless otherwise determined by APRA, an auditor appointed to undertake a special purpose engagement will be required to provide limited assurance on the matters required to be reported …
Under LPS 310, the auditor’s special purpose engagement assurance report is to be submitted simultaneously to APRA and the life company’s Board (or Board Audit Committee) [22] , within three months of the date of the notice commissioning the report, …
The APRA requirement for an auditor to undertake a special purpose engagement in a selected area of the life company’s operations, risk management or financial affairs constitutes a separate reporting engagement. The details of the engagement will …
Following the determination by APRA of the specific area to be examined, the auditor, APRA and the life company agree on the terms of the engagement in accordance with the requirements of applicable AUASB Standards. These arrangements are legally binding …
The auditor accepts the engagement only when the auditor is satisfied that the auditor and the engagement team, if applicable, have met the relevant ethical requirements relating to the assurance engagement. The concept of independence is important to the …
To ensure that there is a clear understanding regarding the terms of the engagement, the following are examples of matters to be agreed: APRA is to identify the scope of the life company’s operations, risk management or financial affairs to be the subject …