49 paragraphs found
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, …
Interpretation of the word ‘reliable’ in the context of the review of controls over life company annual returns has practical limitations in some circumstances. For many life companies, it is only at the financial yearend (or for life companies that are …
See ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements . …
The auditor is required under LPS 310 to express a conclusion, based on the audit or review(s) conducted under paragraphs 80-103 above, as to whether anything has come to the attention of the auditor to cause the auditor to believe that, during the …
… in the calculation of the life company’s PCR under ASA 540 Auditing Accounting Estimates, Including Fair Value …
Under LPS 310, a life company must ensure that the following are provided to its Board or Board Audit Committee (if not already sighted by one of them): reports, provided by the auditor in accordance with LPS 310, and any associated assessments and other …
The nature and extent of planning activities will vary with the engagement circumstances. Specific matters that may be considered by the auditor as part of the planning process include: The auditor’s understanding of the life company and its environment, …
The Life Act specifies under section 80(3) that the apportionment of income and outgoings for a life company carrying on other business as well as its Life Insurance business is not effective unless a report given by the auditor of the life company for …
The auditor considers materiality when: determining the nature, timing and extent of audit and review procedures; evaluating the effect of uncorrected misstatements identified in life company annual returns; evaluating the effect of identified …
The auditor exercises professional judgement to determine the nature and extent of the understanding that is needed. When performing procedures to obtain an understanding of the life company and its environment, consideration of the following matters may …