Financial Sector (Collection of Data) (reporting standard) determination No. 99 of 2023
Annual audit requirementsAnnual audit requirements
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Annual audit requirements
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The information submitted for the purposes of paragraph 8(b) is to be subject to external audit to ensure consistency with the private health insurer’s statutory financial accounts and faithful application of the capital standards.
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Audit certification and opinion must be provided to APRA by 30 September each year.
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If a private health insurer received a qualified auditor’s report for a health benefits fund, the general fund, or the private health insurer for the previous year (previous report), the current year’s auditor’s report must state whether the auditor has examined the issues identified and is satisfied that the private health insurer has taken the appropriate steps to rectify the matters raised in the previous report.
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The auditor’s report must:
(a) state details of the program adopted to carry out the audit; and (b) include the name of, and be signed by, the auditor who takes responsibility for the accuracy of the report.