Insurance (prudential standard) determination No. 5 of 2014 - Prudential Standard GPS 310 - Audit and Related Matters
Appointment of a Group AuditorAppointment of a Group Auditor
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Appointment of a Group Auditor
- The parent entity of a Level 2 insurance group must appoint a Group Auditor. The Group Auditor of a Level 2 insurance group must be one of the following persons:
(a) the Appointed Auditor[25] of the parent entity where the parent entity is an insurer;
(b) the Appointed Auditor[26] of an APRA-authorised insurer within the group; or
(c) a responsible auditor[27] of the parent entity where the parent entity is an authorised NOHC.
- In addition to the fit and proper criteria that the Group Auditor is required to meet under Prudential Standard CPS 520 Fit and Proper (CPS 520), the parent entity of a Level 2 insurance group must ensure that the Group Auditor is not:
(a) the Group Actuary;
(b) the actuary of an entity within the group carrying on insurance business;
(c) an employee or director of the entity of which a person referred to in sub- paragraph (a) or (b) is an employee or director; or
(d) a partner of a person referred to in sub-paragraph (a) or (b).
- The parent entity of a Level 2 insurance group must also ensure that its Group Auditor meets the independence requirements applicable to an Appointed Auditor under Prudential Standard CPS 510 Governance (CPS 510).[28]