Document ID: chunk:federal_register_of_legislation:F2015L00579:body:0:p3
Version: federal_register_of_legislation:F2015L00579
Segment Type: other
Provision Reference: 
Character Range: 5497–8560

opinion on the reliability and accuracy of data; and

       (b)          at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board (AUASB) as may be amended from time to time, to the extent that they are not inconsistent with the requirements of LPS 310.

    12.  All information provided by a life company under this Reporting Standard must be subject to systems, processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.

    13.  Actuarial valuations and calculations included in or used in the preparation of the information provided to APRA must be in accordance with the prudential standards in force for the reporting period. However, life companies may use reasonable estimates when preparing information that will not be audited (i.e. for the first four submissions of information for a full financial year).

Authorisation

    14.  When an officer of a life company provides the information required by this Reporting Standard using the 'Direct to APRA' software, it will be necessary for the officer to digitally sign the relevant information using a digital certificate acceptable to APRA.

    15.  An officer of a life company submitting information under this Reporting Standard must be authorised by either:

       (a)          the Principal Executive Officer of the life company; or

       (b)          the Chief Financial Officer of the life company.

Variations

    16.  APRA may, by written notice to the life company, vary the reporting requirements of LRF 117.0 in relation to that life company.

Interpretation

    17.  In this Reporting Standard (including the attachments):

       (a)          unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and

       (b)          capital standards means the prudential standards which relate to capital adequacy as defined in LPS 001;

       Chief Financial Officer means the chief financial officer of the life company, by whatever name called;

       financial year has the meaning in the Corporations Act 2001;

       general instruction guide refers to the general instruction guide set out in Attachment A of LRS 001;

       Principal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity; and

       reporting period means a reporting period under subparagraph 8(a) or 8(b) or, if applicable, paragraph 9.

        LRF_117_0 Asset Concentration Risk Charge

These instructions must be read in conjunction with the general instruction guide.

Explanatory notes

Reporting