Quality controlQuality control

Quality control

11. The information provided by a life insurer under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Auditor of the life insurer. This will require the Auditor to review and test the life insurer’s systems, processes and controls supporting the reporting of the information to enable the life insurer to provide reliable financial information to APRA. This review and testing must be done on:

(a) an annual basis or more frequently if necessary to enable the Auditor to form an opinion on the reliability and accuracy of data; and

(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of LPS 310.

12. All information provided by a life insurer under this Reporting Standard must be subject to systems, processes and controls developed by the life insurer for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the life insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.

13. Actuarial valuations and calculations included in or used in the preparation of the information provided to APRA must be in accordance with the prudential standards in force for the reporting period. However, life insurers may use reasonable estimates when preparing information that will not be audited (i.e. for the first two submissions of information for a full financial year).