49 paragraphs found
Under LPS 310, a life company is required to ensure that its auditor(s): has access to all relevant data, information, reports and staff of the life company, which the auditor reasonably believes is necessary to fulfil their role and responsibilities …
The concept of independence is important to the auditor’s compliance with the fundamental ethical principles of integrity and objectivity. The auditor is required to meet the independence requirements set out in: APRA’s life company Prudential Standard …
… auditor complies with the requirements of, as appropriate, Auditing Standard ASA 580 Written Representations (ASA 580) …
… for reporting on all assurance engagements. Instead, both Auditing Standard ASA 800 and ASAE 3000 identify the basic …
In order for the life company to provide the reports under LPS 310 to APRA within the period specified by APRA’s Reporting Standard LRS 001 Reporting Requirements [12] , the auditor of a life company must provide their report(s) to the Board of the life …
LPS 310 requires the auditor to provide limited assurance that the life company has suitably designed systems, procedures and controls to ensure the life company has complied, in all material respects, with all applicable Prudential Requirements (see …
Matters the auditor considers in assessing the risks of material misstatement in an accounting estimate may also include: The actual or expected magnitude of an accounting estimate. The recorded amount of the accounting estimate (that is, management’s …
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 …