Document ID: chunk:federal_register_of_legislation:F2023L01602:front:0:p3
Version: federal_register_of_legislation:F2023L01602
Segment Type: other
Provision Reference: 
Character Range: 5461–8392

any associated assessments and other material prepared in connection with fulfilling the requirements of this Prudential Standard;
(b)          commentary or responses provided by APRA to the life company on reports provided by the Auditor, and any associated assessments and other material; and
(c)          any commentary or response on the reports, associated assessments and other material provided by the Auditor that are given by the life company to APRA.
11.         A life company, if requested by APRA, must within a reasonable time provide APRA with the terms of engagement, other instructions or correspondence, including management letters, that may have a bearing on:
(a)          the scope or conduct of the work undertaken by the Auditor in accordance with this Prudential Standard; and
(b)          the form, content (including findings made or opinions expressed by the Auditor) or coverage of the reports provided in accordance with this Prudential Standard.
12.         A life company must submit to APRA the reports referred to in paragraphs 19 and 23. They must be submitted on or before the day that the life company's auditable annual returns are required to be given to APRA in accordance with reporting standards made under the Financial Sector (Collection of Data) Act 2001 (Collection of Data Act).

General requirements
13.         In preparing a report referred to in this Prudential Standard the Auditor must have regard to relevant AUASB Standards and Guidance Statements issued by the Auditing and Assurance Standards Board (AUASB), to the extent that they are not inconsistent with the requirements of this Prudential Standard and other prudential requirements.
14.         For the purposes of this Prudential Standard, 'reasonable assurance' and 'limited assurance' are defined in accordance with the Framework for Assurance Engagements issued by the AUASB.
15.         APRA liaison with an Auditor will normally be conducted under tripartite arrangements involving APRA, the life company and the Auditor. Notwithstanding the tripartite relationship, APRA and an Auditor may meet, at any time, on a bilateral basis at the request of either party.
16.         The Auditor, in preparing a report, must not place sole reliance on the work performed by APRA.
17.         The Auditor, or an auditor appointed under paragraph 27, must retain all working papers and other documentation in relation to the prudential requirements of the life company 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 Auditor must provide the working papers 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