49 paragraphs found
Although there is a greater risk that misstatements, control deficiencies or instances of noncompliance may not be detected in a review than in an audit, the judgement as to what is material is made by reference to the subject matter on which the auditor …
An audit provides reasonable assurance and cannot constitute a guarantee that the information included in life company annual returns specified in Attachment A to LPS 310, sourced from accounting records, is reliable, or that all instances of …
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 …
… of the engagement in accordance with the requirements of Auditing Standard ASA 210 Agreeing the Terms of Audit …
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. …
The auditor accepts the prudential reporting engagement only when the auditor has no reason to believe that the auditor and the engagement team (if applicable) will not satisfy the relevant ethical requirements relating to audit and assurance engagements …
Material findings (misstatements, control deficiencies and noncompliance) are reported to APRA and the life company’s Board (or Board Audit Committee) as modifications to the auditor’s assurance report (refer paragraph 125 …
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 …
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 …
Since the concept of materiality is applied differently in the context of an audit or review of financial and other information, a review of internal controls, and for the purpose of reporting on a life company’s compliance with Prudential Requirements, …