Document ID: chunk:federal_register_of_legislation:F2024L00877:body:0:p9
Version: federal_register_of_legislation:F2024L00877
Segment Type: other
Provision Reference: 
Character Range: 22180–25230

arrangements also include ensuring that its Group Auditor is provided with any other information that:

       (a)          APRA has provided to the group and may assist the Group Auditor in performing their duties; and

       (b)          has been requested by the Group Auditor in performing their duties.

7.             The parent entity of a Level 2 insurance group must ensure that its Group Auditor has access to all relevant data, information, reports and staff of the group (and must take all reasonable steps to ensure access to contractors of the group) that its Group Auditor reasonably believes are necessary to fulfil their responsibilities. This will include access to:

       (a)          the Board of the parent entity of the group;

       (b)          the Board committees of the parent entity, if any;

       (c)          the Board of any other entity within the group; and

       (d)          the Board committees, if any, of any other entity within the group.

8.             The parent entity of a Level 2 insurance group must submit to APRA:

       (a)          reports, other than those relating to a special purpose review, on or before the day that the group's annual accounts are to be lodged in accordance with reporting standards made under the Collection of Data Act;[30] and

       (b)          reports relating to a special purpose review within the time specified in paragraph 16 of this Attachment.

9.             A Level 2 insurance group must provide to APRA an annual declaration on financial information as set out in Attachment D.

Roles and responsibilities of the Group Auditor

10.         A Group Auditor's primary roles are to provide:

       (a)          an independent and objective view of the truth and fairness of the group's annual accounts required by reporting standards made under the Collection of Data Act; and

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

   A Level 2 insurance group may also seek the advice of its Group Auditor in relation to other matters where the group considers this to be appropriate.

11.         The parent entity of a Level 2 insurance group must ensure that its Group Auditor:

       (a)          conducts a limited assurance review of the annual accounts of the group;

       (b)          on an annual basis, reviews and tests the group's systems, processes and controls designed to:

           (i)            address compliance with all prudential requirements; and

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

       (c)          performs such other work as necessary to fulfil the Group Auditor's responsibilities under this Prudential Standard.

12.         The parent entity of a Level 2 insurance group must ensure that its Group Auditor provides a report to the group relating to the findings of the limited assurance