Roles and responsibilities of the AppoinRoles and responsibilities of the Appointed Auditor

Roles and responsibilities of the Appointed Auditor

14. In addition to and without derogation from the role of an Appointed Auditor as provided for under the Act,[6] an Appointed Auditor’s primary roles are to provide:

(a) an independent and objective view on the truth and fairness of the insurer’s financial statements; and

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

An insurer may also seek the advice of its Appointed Auditor in relation to other matters where the insurer considers this to be appropriate.

15. The Appointed Auditor must:

(a) audit the yearly statutory accounts of the insurer; and

(b) provide a certificate to the insurer relating to the yearly statutory accounts.[7] The certificate must fulfil the requirements set out in paragraphs 29 to 33.[8]

16. The Appointed Auditor must:

(a) on an annual basis, review and test the insurer’s systems, processes, and controls designed to:

(i) address compliance with all prudential requirements; and

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

(b) perform such other work as necessary to fulfil the Appointed Auditor’s responsibilities under this Prudential Standard.

17. The Appointed Auditor must provide a report to the insurer relating to the findings of this review.[9] The report must meet the requirements set out in paragraphs 34 to 36.[10]

18. The Appointed Auditor must provide the certificate and the report to the insurer within such time as to enable the insurer to provide the certificate and the report to APRA on or before the day that the insurer’s yearly statutory accounts are required to be given to APRA in accordance with reporting standards made under the Collection of Data Act.[11]