Financial Sector (Collection of Data) (reporting standard) determination No. 92 of 2023
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Audit matters
As a result of Insurance (exemption) determination No. 1 of 2023, the Appointed Auditor of a general insurer is not required to audit, or provide a certificate in relation to, information provided by a general insurer under Reporting Standard GRS 460.0 Reinsurance Assets by Counterparty (GRS 460.0). Under Prudential Standard GPS 310 Audit and Related Matters (GPS 310), the Group Auditor of a Level 2 insurance group is not required to provide a limited assurance review in relation to information provided by the parent entity of a Level 2 insurance group under Reporting Standard GRS 460.0.G Reinsurance Assets by Counterparty (Level 2 Insurance Group) (GRS 460.0.G). APRA, however, may exercise its power under GPS 310 to require the Appointed Auditor or Group Auditor to undertake a special purpose review of the systems, processes and controls surrounding the completion of GRS 460.0 and GRS 460.0.G, or the data contained within GRS 460.0 and GRS 460.0.G.