180 paragraphs found
An engagement letter (or other suitable form) helps to avoid misunderstandings with respect to the engagement and confirms both the life company’s and the auditor’s understanding of the terms of the engagement, and the auditor’s acceptance of the …
The format of the special purpose assurance report may vary depending on the type of engagement: that is, an audit (reasonable assurance) or a review (limited assurance), as well as the subject matter and the findings. The auditor has regard to the …
Alternatively, for a foreign life company, a senior officer outside Australia to whom authority has been delegated in accordance with CPS 510 for overseeing the Australian …
The complexity and nature of the life company may warrant the use of both a management’s expert and an auditor’s expert on the same engagement. Generally this is the case for the larger more complex life companies, however, in the case of a friendly …
The life company auditor also liaises with the life company appointed actuary with regard to the requirements of s80(2) of the Life Act in order for the auditor to obtain assurance that the income and outgoings apportionments have been made equitably and …
Where the auditor plans to use the work of another independent auditor or assurance practitioner, the auditor: for the audit of financial information, complies with the requirements of Auditing Standard ASA 600 Special Considerations Audits of a Group …
CPS 510 requires all life companies (including an eligible foreign life insurance companies (EFLICs), to have in place an independent and adequately resourced internal audit function. …
CPS 510 requires that the objectives of the internal audit function include an evaluation of the adequacy and effectiveness of the financial and risk management framework of the life …
In considering the activities of the internal audit function and evaluating the effect, if any, on audit and review procedures, the auditor: for the audit of financial information, complies with the requirements of Auditing Standard ASA 610 Using the Work …