Life Insurance (prudential standard) determination No. 10 of 2012
Review of systems, processes and internaReview of systems, processes and internal controls
Start here
Get a plain-English read of Review of systems, processes and interna
Turn the raw legal text into a practical explanation grounded in Life Insurance (prudential standard) determination No. 10 of 2012.
Review of systems, processes and internal controls
- The Auditor must prepare a report that provides limited assurance that the life company has systems, procedures and internal controls that are designed to ensure that the life company:
(a) has complied with all applicable prudential requirements; and
(b) has provided reliable data to APRA in the reporting forms prepared under FSCODA (including those provided quarterly).
In relation to (a) and (b), the report must also provide limited assurance that these internal controls have operated effectively throughout the financial year of the life company.
-
The report must also provide limited assurance that the life company’s systems, procedures and internal controls relating to actuarial data integrity and financial reporting risks (the risks that incorrect source data will be used in completing the reporting forms under FSCODA) are adequate and effective.
-
The Auditor must provide the report to the life company and address it to the Board of the life company.