Document ID: chunk:federal_register_of_legislation:F2023L00691:front:0:p4
Version: federal_register_of_legislation:F2023L00691
Segment Type: other
Provision Reference: 
Character Range: 8576–11520

engagement):
(a)          does so on the basis that APRA may rely upon the report in the performance of its functions under the Act; and
(b)          exercises independent judgement and not place sole reliance on the work performed by APRA.
14.         A private health insurer must ensure its Appointed Auditor, or an auditor appointed under paragraph 21 (special purpose engagement auditor), retains all working papers and other documentation in relation to the prudential requirements of the private health insurer for a period of seven years from the date of the report to which the working papers or documentation relate. Where requested to do so in writing by APRA, the private health insurer must direct the auditor to provide the working papers and other documentation to APRA.

Obligations of a private health insurer – Auditor's report
15.         A private health insurer must submit the Appointed Auditor's report to APRA, addressing matters referred to in paragraph 11, within three months after the end of the year of income to which the report relates.
16.         The private health insurer must ensure that the Appointed Auditor provides the Appointed Auditor's report to the Board of the private health insurer within sufficient time to enable the private health insurer to submit the report to APRA, as specified in paragraph 15.
17.         A private health insurer, if requested by APRA, must within a reasonable time provide APRA with the terms of engagement, other instructions to, or correspondence with the Appointed Auditor, including management letters, that may have a bearing on:
(a)          the scope or conduct of the work undertaken by the Appointed Auditor in accordance with this Prudential Standard; and
(b)          the form, content (including findings made or opinions expressed by the Appointed Auditor) or coverage of the reports provided by the Appointed Auditor in accordance with this Prudential Standard.

Other responsibilities of the private health insurer
18.         APRA liaison with an Appointed Auditor will normally be conducted under tripartite arrangements involving APRA, the private health insurer and the Appointed Auditor. Notwithstanding the tripartite relationship, a private health insurer must ensure that the Appointed Auditor is not prevented from meeting with APRA on a bilateral basis if requested by either party.
19.         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.

Special purpose engagements
20.         APRA may require the private health insurer, by notice in writing, to engage its Appointed Auditor to:
(a)          undertake a special purpose engagement relating to matters set out in writing by APRA relating to the private health