Roles and responsibilities of the Group Roles and responsibilities of the Group Auditor

Roles and responsibilities of the Group Auditor

18. A Group Auditor’s primary roles are to provide:

(a) an independent and objective view of the truth and fairness of the group’s annual accounts required by reporting standards made under the Collection of Data Act; and

(b) an assessment of the group’s systems, procedures and controls used to address compliance with prudential requirements and for the purposes of producing reliable financial data.

A Level 2 insurance group may also seek the advice of its Group Auditor in relation to other matters where the group considers this to be appropriate.

19. The parent entity of a Level 2 insurance group must ensure that its Group Auditor:

(a) conducts a limited assurance review of the annual accounts of the group;[10]

(b) on an annual basis, reviews and tests the group’s systems, processes and controls designed to:

(i) address compliance with all prudential requirements; and

(ii) enable the group to report reliable financial information to APRA; and

(c) performs such other work as necessary to fulfil the Group Auditor’s responsibilities under this Prudential Standard.

20. The parent entity of a Level 2 insurance group must ensure that its Group Auditor provides a report to the group relating to the findings of this review. The report must meet the requirements set out in paragraphs 35to 37of this Prudential Standard.

21. The parent entity of a Level 2 insurance group must ensure that its Group Auditor provides the report to the group within such time as to enable the group to provide the report to APRA four months after the group’s financial year end.