Document ID: chunk:federal_register_of_legislation:F2024L00877:body:0:p1
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Insurance (prudential standard) determination No. 1 of 2024

Prudential Standard GPS 310 Audit and Related Matters

Insurance Act 1973
I, Clare Gibney, a delegate of APRA:

    (a)         under subsection 32(4) of the Insurance Act 1973 (the Act) REVOKE Insurance (prudential standard) determination No. 9 of 2019, including Prudential Standard GPS 310 Audit and Related Matters made under that determination; and

    (b)         under subsection 32(1) of the Act DETERMINE Prudential Standard GPS 310 Audit and Related Matters, in the form set out in the Schedule, which applies to:

       (i)           all general insurers and authorised NOHCs; and

       (ii)          a subsidiary of a general insurer or authorised NOHC, where that subsidiary is a parent entity of a Level 2 insurance group.

This instrument commences on 1 October 2024.

Dated: 9 July 2024

Clare Gibney
Executive Director
Policy and Advice Division

Interpretation
In this instrument:

APRA means the Australian Prudential Regulation Authority.

authorised NOHC has the meaning given in section 3 of the Act.

general insurer has the meaning given in section 11 of the Act.

Level 2 insurance group has the meaning given in Prudential Standard GPS 001 Definitions.

parent entity has the meaning given in Prudential Standard GPS 001 Definitions.

subsidiary has the meaning given in Prudential Standard GPS 001 Definitions.

Schedule

Prudential Standard GPS 310 Audit and Related Matters comprises the document commencing on the following page.

Prudential Standard GPS 310

Audit and Related Matters
Objective and key requirements of this Prudential Standard

This Prudential Standard sets out the roles and responsibilities of a general insurer's and Level 2 insurance group's Appointed Auditor and Group Auditor (Auditor). It also sets out the obligations of a general insurer or Level 2 insurance group to make arrangements to enable its Auditor to fulfil their responsibilities.

The ultimate responsibility for providing impartial advice in relation to the operations, financial condition and internal controls of a general insurer or Level 2 insurance group rests with the Auditor. This advice is designed to assist the Board and senior management in carrying out their responsibility for the sound and prudent management of the general insurer or Level 2 insurance group.

The key requirements of this Prudential Standard are that:

     * the general insurer or Level 2 insurance group must make arrangements to enable the Auditor to undertake their roles and responsibilities;

     * the Auditor must prepare the certificates and reports required in accordance with the requirements of and timeframes specified in this Prudential Standard;

     * the general insurer or Level 2 insurance group must submit to APRA all certificates and reports to be prepared by the Auditor;

     * the Appointed Auditor must audit the yearly statutory accounts of the general insurer and review other aspects of their