Document ID: chunk:federal_register_of_legislation:F2023L01602:front:0:p4
Version: federal_register_of_legislation:F2023L01602
Segment Type: other
Provision Reference: 
Character Range: 8135–11069

and other documentation to APRA.
18.         Persons involved in the provision of information should note that it is a serious offence under subsection 137.1 and 137.2 of the Criminal Code 1995 to provide, whether directly or indirectly, false or misleading documents or information to a Commonwealth entity such as APRA.

Annual returns to APRA
19.         The Auditor must prepare a report that provides reasonable assurance on the life company's annual returns to APRA, as specified in Attachment A.
20.         In particular, the report must specify whether, in the Auditor's opinion, the annual returns are reliable and in accordance with the relevant prudential requirements.
21.         The report must also specify whether, in the Auditor's opinion, the prudential requirements in relation to the accounting for statutory funds have been met.
22.         The Auditor must provide the report to the life company and address it to the Board of the life company.

Review of systems, processes and internal controls
23.         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 Collection of Data Act (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.
24.         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 Collection of Data Act) are adequate and effective.
25.         The Auditor must provide the report to the life company and address it to the Board of the life company.

Special purpose engagements
26.         When requested to do so in writing by APRA, a life company must arrange for its Auditor to:
(a)          undertake a special purpose engagement relating to matters set out in writing by APRA relating to the life company's operations, risk management or financial affairs; and
(b)          prepare a report in respect of that engagement.
27.         A special purpose engagement may be conducted by an auditor other than the Auditor appointed under paragraph 6 but only where this is agreed to by APRA and the auditor satisfies the criteria set out in paragraph 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