Insurance (prudential standard) determination No. 4 of 2011 - Prudential Standard GPS 311 - Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups
Matters to be addressed in a limited assMatters to be addressed in a limited assurance review report
Start here
Get a plain-English read of Matters to be addressed in a limited ass
Turn the raw legal text into a practical explanation grounded in Insurance (prudential standard) determination No. 4 of 2011 - Prudential Standard GPS 311 - Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups.
Matters to be addressed in a limited assurance review report
For the purposes of paragraph 37 of this Prudential Standard, the Group Auditor’s report must address whether:
(a) there is evidence to suggest that the returns provided to APRA in accordance with the Collection of Data Act do not present a fair view of the financial position of the Level 2 insurance group;
(b) there exist systems, procedures and controls that are kept up-to-date and address compliance with all prudential requirements. If the Group Auditor is of the opinion that the group does not have such systems, procedures and controls, it must specify in the report the reasons for this opinion;
(c) systems, procedures and controls relating to actuarial data integrity and financial reporting risks (the risks that incorrect source data will be used in completing returns to APRA in accordance with the Collection of Data Act) are adequate and effective;
(d) during the course of testing the group’s systems, procedures and controls, instances of non-compliance with prudential requirements have been identified. If so, details are to be provided;
(e) the group has complied, in all significant respects, with its Risk Management Strategy (RMS) and Reinsurance Management Strategy (REMS).[14] If the Group Auditor is of the opinion that the Level 2 insurance group has not complied with its RMS and REMS, it must specify in the report the reasons for this opinion;
(f) the group has systems, procedures and controls in place to ensure that reliable statistical and financial data are provided to APRA in the semi-annual returns required by reporting standards made under the Collection of Data Act. If the Group Auditor is of the opinion that the group does not have such systems, procedures and controls, it must specify in the report the reasons for this opinion; and
(g) there are matters which have come to the Group Auditor’s attention that will, or are likely to, adversely affect the interests of policyholders of the group. If so, the Group Auditor must provide details in the report.