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 …

Due to the nature of audit and review procedures and other inherent limitations of an audit and review, there is a possibility that a properly planned and executed audit or review may not detect all errors or omissions in life company annual returns, …

… there is no equivalent International Standard on Auditing or International Auditing Practice Statement to this Guidance Statement. …

The principles of assessing materiality for the purpose of expressing an opinion on a life company’s annual returns (an audit), will generally be similar to that applying to the audit of a financial …

… the auditor considers materiality, as appropriate, under Auditing Standard ASA 320 Materiality in Planning and …

… of financial information, complies with the requirements of Auditing Standard ASA 610 Using the Work of Internal …

The audit or review of financial reports required under the Corporations Act 2001 (the Act) (where required) is directed towards obtaining sufficient appropriate evidence to form an opinion or conclusion, as applicable, on whether the financial report is …

… This Guidance Statement has been formulated by the Auditing and Assurance Standards Board (AUASB) to provide …

The auditor identifies the most recent yearend life company annual returns submitted to APRA for audit. …

The use by life companies and APRA of assurance reports prepared by auditors is to be evaluated in the context of the inherent limitations of an audit or review (refer paragraphs 111–115 ) and the subject matter of the audit or review (refer …