Document ID: chunk:federal_register_of_legislation:F2023L01602:front:0:p5
Version: federal_register_of_legislation:F2023L01602
Segment Type: other
Provision Reference: 
Character Range: 10813–13664

7.
28.         The engagement must be completed in accordance with any relevant AUASB Standards and Guidance Statements (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 life company's operations and the purpose of the special purpose engagement, that the engagement should not be completed in accordance with those AUASB Standards and Guidance Statements, APRA may advise the life company in writing that an alternative standard must be used (which is not inconsistent with the requirements of this Prudential Standard and the Act).
29.         The cost of a special purpose engagement will be borne by the life company.
30.         The auditor must submit the final report to APRA and the Board (or Board Audit Committee) of the life company simultaneously within three months of the engagement being commissioned, unless APRA grants an extension of time in writing.

Obligation to report to APRA under the Act
31.         The Act specifies certain circumstances where Auditors are required to report to APRA where a life company or its directors may have contravened the Act or any other law and the contravention may significantly prejudice the interests of the owners of policies issued by the life company.[5]
32.         Where a report is made to APRA, the Auditor should not disclose this to the life company if the Auditor:
(a)          considers that by doing so the interests of policy owners may be jeopardised; or
(b)          has lost confidence in or mistrusts the Board or senior management of the life company.

Ascertainment of income and outgoings of statutory funds
33.         For the purposes of subsection 47(1) of the Act, income and outgoings of a statutory fund are, respectively, the amounts pertaining to that statutory fund that have the character of income and outgoings in accordance with the provisions of the reporting standards made under Collection of Data Act, as in force from time to time, that provide for accountability for profit and loss.

Adjustments and exclusions
34.         APRA may, by notice in writing to a life company, adjust or exclude a specific requirement in this Prudential Standard in relation to that company.

Previous exercise of discretion
35.         An exercise of APRA's discretion (such as an approval, waiver or direction) under a previous version of this Prudential Standard continues to have effect as though exercised pursuant to a corresponding power (if any) exercisable by APRA under this Prudential Standard.

Attachment A – Auditable annual returns
The Auditor must provide assurance on the annual data provided to APRA in the forms as listed below. APRA determined these forms in reporting standards made under