180 paragraphs found
The auditor is required to prepare a report that provides reasonable assurance on the life company’s annual returns to APRA, as specified in attachment A to LPS 310 [16] . In particular, the report must specify whether in all material respects, the …
Under LPS 310, the auditor is required to express a conclusion, based on a review, as to whether anything has come to the attention of the auditor to cause the auditor to believe that, in all material respects: The life company has not implemented …
The auditor conducts the review of internal controls in accordance with ASAE 3000 and other relevant topic specific ASAEs, for example, ASAE 3150 Assurance Engagements on Controls …
The evaluation of whether the life company has implemented internal controls that are designed to achieve the relevant control objectives as set out in paragraph 81 above, is performed in the context of the auditor’s general understanding of the life …
The auditor generally adopts a ‘top down’ approach in gathering evidence, by making enquiries of key personnel, observing the life company’s operations, performing ‘walk through’ tests of controls, and inspecting relevant documentation, as appropriate, in …
Life companies have different systems and procedures in place to monitor compliance with specific Prudential Standards. Projections and estimates are likely to be part of the monitoring process, as the preparation of a full financial report is unlikely to …
The way in which internal control is designed and implemented varies with a life company’s size and complexity. Smaller life companies may use less formal means and simpler processes to achieve their control …
The auditor gathers evidence in response to assessed risks with a focus on identifying key controls within the control systems design. The auditor exercises professional judgement in determining the specific nature, timing and extent of review procedures …
Following the evaluation of whether the life company has internal controls designed to achieve the relevant control objectives, the auditor performs review procedures to obtain evidence about whether these controls have operated as designed throughout the …
The review of operating effectiveness may include procedures such as: Enquiry of appropriate life company personnel (and obtaining written representations). Observation of the control process. Ascertaining whether the person(s) performing the control(s) …