Document ID: chunk:federal_register_of_legislation:F2024L00877:body:0:p15
Version: federal_register_of_legislation:F2024L00877
Segment Type: other
Provision Reference: 
Character Range: 39966–42087

Appointed Auditor must meet fit and proper criteria under CPS 520.
    [27]  As defined in CPS 520. Note that the responsible auditor must meet fit and proper criteria under CPS 520.
    [28]  In particular, under CPS 510 read with this paragraph, the Group Auditor of a Level 2 insurance group cannot also be employed by a related body corporate or by related firms.
    [29]  For the purposes of the limited assurance review in Attachment B and Attachment C of this Prudential Standard, a Level 2 insurance group's annual accounts comprise the reporting documents in respect of the Level 2 insurance group's financial year that are required to be prepared by the parent entity of the group in compliance with reporting standards made under the Collection of Data Act but excluding the reporting documents required to be prepared under Reporting Standard GRS 460.0_G Reinsurance Assets by Counterparty (Level 2 Insurance Group) and Reporting Standard GRS 460.1_G Exposure Analysis by Reinsurance Counterparty (Level 2 Insurance Group).
    [30]  This Prudential Standard sets out further detail regarding these reports.
    [31]  Refer to paragraphs 49J(1)(b) and (c), subsection 49J(4), paragraphs 49K(1)(a) and (b), and subsection 49K(3) of the Act.
    [32]  Also note that Part IV Division 2 of the Act sets out the duties of auditors and actuaries of insurers, authorised NOHCs or subsidiaries to give information to APRA.
    [33]  As per paragraph 1 of this Attachment, where the CEO and the CFO are the same person, the Financial Information Declaration must be signed by that person and another person to be agreed upon with APRA.
    [34]  Refer to the Act and this Prudential Standard for the roles and responsibilities of auditors; and Prudential Standard CPS 320 Actuarial and Related Matters for the roles and responsibilities of Appointed Actuaries.
[35] Reasonable Assurance and Limited Assurance are defined in the Framework for Assurance Engagements issued by the AUASB.
[36] In accordance with Insurance Exemption Determination no.1 of 2023, these returns for insurers do not require an audit opinion.