Insurance (prudential standard) determination No. 5 of 2014 - Prudential Standard GPS 310 - Audit and Related Matters
Special purpose reviewSpecial purpose review
Start here
Get a plain-English read of Special purpose review
Turn the raw legal text into a practical explanation grounded in Insurance (prudential standard) determination No. 5 of 2014 - Prudential Standard GPS 310 - Audit and Related Matters.
Special purpose review
- When APRA specifies in writing, an Appointed Auditor must:
(a) undertake a special purpose review of matters specified by APRA relating to the insurer’s operations, risk management or financial affairs; and
(b) prepare a report in respect of that review.[12]
-
The review must be completed in accordance with any relevant professional standards and guidance notes (as appropriate to the nature of the special purpose review), to the extent that they are not inconsistent with the requirements of this Prudential Standard. Where APRA considers, having regard to the nature of the insurer’s operations and the purpose of the special purpose review, that the review should not be completed in accordance with those professional standards and guidance notes, APRA may advise the insurer in writing that an alternative standard must be used.
-
The cost of a special purpose review will be borne by the insurer. The Appointed Auditor must submit the report to APRA and the insurer simultaneously within three months of the review being commissioned, unless APRA grants an extension of time in writing.