Financial Sector (Collection of Data) (reporting standard) determination No. 95 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 460.1 Exposure Analysis by Reinsurance Counterparty (GRS 460.1). 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 GRS 460.1.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 460.1 and GRS 460.1.G, or the data contained within GRS 460.1 and GRS 460.1.G.