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Insurance (prudential standard) determination No. 4 of 2011 - Prudential Standard GPS 311 - Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups
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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.
(a) conducts a limited assurance[6] review of the group’s annual accounts;
(b) performs for the group the functions of a Group Auditor set out in this Prudential Standard and any other prudential standard; and
(c) prepares, and gives to the group, any reports required to be prepared by the Group Auditor under this Prudential Standard.
(a) performs for the group the functions of a Group Actuary set out in this Prudential Standard and any other prudential standard; and
(b) prepares, and gives to the group, any reports required to be prepared by the Group Actuary under this Prudential Standard.
(a) ensure that the reports required to be prepared by the Group Auditor and Group Actuary deal with all the matters required by this Prudential Standard to be dealt with in the reports; and
(b) lodge with APRA:
(i) the reports required to be prepared by its Group Auditor; and
(ii) the reports required to be prepared by its Group Actuary
under this Prudential Standard.