Document ID: chunk:federal_register_of_legislation:F2024L00877:body:0:p13
Version: federal_register_of_legislation:F2024L00877
Segment Type: other
Provision Reference: 
Character Range: 32881–37433

Data Act, accounting standards and other mandatory professional reporting requirements in Australia, to the extent that the accounting standards and professional reporting requirements do not contain any requirements contrary to the aforementioned legislative and prudential requirements;

       (b)          the information provided to the auditor and Appointed Actuary for the purpose of enabling them to undertake their roles and responsibilities is accurate and complete, consistent with the accounting records of the regulated institution, and a true representation of the transactions for the year and the financial position of the regulated institution;[34] and

       (c)          the financial information lodged with APRA is accurate and complete, consistent with the accounting records of the regulated institution, and represents a true and fair view of the transactions for the year and the financial position of the regulated institution.

    3.             The Financial Information Declaration must be submitted to APRA on, or before, the day that the insurer's yearly statutory accounts or Level 2 insurance group's annual accounts (as appropriate) are required to be submitted to APRA in accordance with reporting standards made under the Collection of Data Act.

    4.             If the CEO or CFO qualifies the Financial Information Declaration, the qualified Declaration must include a description of the cause and circumstances of the qualification, and steps taken, or proposed to be taken, to remedy the problem.

Attachment E – Auditable annual returns

The Auditor must provide assurance on the annual data reported to APRA in relation to the below reporting standards made under the Collection of Data Act:

Level 1 (or Licensed insurer)

RETURN      REPORTING STANDARD                                                            LEVEL OF ASSURANCE[35]
GRS_110.0   Prescribed Capital Amount                                                     REASONABLE
GRS_111.0   Adjustment and Exclusions                                                     REASONABLE
GRS_112.0   Determination of Capital Base                                                 REASONABLE
GRS_112.3   Related Party Exposures                                                       REASONABLE
GRS_114.0   Asset Risk Charge                                                             REASONABLE
GRS_114.1   Assets by Counterparty Grade                                                  REASONABLE
GRS_114.2   Derivatives Activity                                                          REASONABLE
GRS_114.3   Off-balance Sheet Business                                                    REASONABLE
GRS_114.4   Details of Investment Assets                                                  REASONABLE
GRS_115.0   Outstanding Claims Liabilities – Insurance Risk Charge                        REASONABLE
GRS_115.1   Premiums Liabilities – Insurance Risk Charge                                  REASONABLE
GRS_116.0   Insurance Concentration Risk Charge                                           REASONABLE
GRS_116.1   Probable Maximum Loss for LMIs – Standard Loans                               REASONABLE
GRS_116.2   Probable Maximum Loss for LMIs – Non-Standard Loans                           REASONABLE
GRF_116.3   Probable Maximum Loss for LMIs – Commercial Loans                             REASONABLE
GRS_116.4   LMI Concentration Risk Charge                                                 REASONABLE
GRS_116.5   Probable Maximum Loss for LMIs – Additional Information                       REASONABLE
GRS_117.0   Asset Concentration Risk Charge                                               REASONABLE
GRS_118.0   Operational Risk Charge                                                       REASONABLE
GRS_300.0   Statement of Financial Position                                               REASONABLE
GRS_310.0   Statement of profit or loss and other comprehensive income                    REASONABLE
GRS_310.3   Details of Income and Expenses                                                REASONABLE
GRS_311.0   Statement of Profit or Loss and Other Comprehensive Income by Product Group   LIMITED
GRS_320.0   Liability Roll Forwards                                                       REASONABLE
GRS_400.0   Statement of Risk by Country[36]                                              NONE
GRF_410.0   Movement in Outstanding Claims Liabilities                                    REASONABLE
GRS_420.0   Insurance Revenue and Incurred