Document ID: chunk:federal_register_of_legislation:F2023L01602:front:0:p1
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Life Insurance (prudential standard) determination

No. 14 of 2023

Prudential Standard LPS 310 Audit and Related Matters

Life Insurance Act 1995

I, Clare Gibney, delegate of APRA:

    (a)          under subsection 230A(5) of the Life Insurance Act 1995 (the Act)  revoke Life Insurance (prudential standard) No. 11 of 2023, including Prudential Standard LPS 310 Audit and Related Matters made under that Determination; and

    (b)          under subsection 230A(1) of the Life Insurance Act 1995 determine Prudential Standard LPS 310 Audit and Related Matters  in the form set out in the Schedule, which applies to all life companies, including friendly societies.

This instrument commences on 18 December 2023.

Dated: 21 November 2023

Clare Gibney
Executive Director
Policy & Advice

Interpretation

      In this instrument:

APRA means the Australian Prudential Regulation Authority.
friendly society has the meaning given in section 16C of the Act.
life company has the meaning given in the Dictionary to the Life Insurance Act 1995.

Schedule

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

Prudential Standard LPS 310

Audit and Related Matters
Objectives and key requirements of this Prudential Standard
This Prudential Standard sets out the roles and responsibilities of a life company's Auditor. It also sets out the obligations of a life company to make arrangements to enable its Auditor to fulfil his or her responsibilities.
The ultimate responsibility for providing impartial advice in relation to the operations, financial condition and internal control of a life company 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 life company.
The key requirements of this Prudential Standard include:
     * the life company must make arrangements to enable the Auditor to undertake his or her role and responsibilities;
     * the Auditor must prepare the reports required in accordance with the requirements of and timeframes specified in this Prudential Standard;
     * the life company must submit to APRA all reports to be prepared by the Auditor;
     * the Auditor must audit certain returns of the life company to APRA and provide a report to the Board of the life company; and
     * the Auditor must review other aspects of the life company's operations on an annual basis and provide a report to the Board of the life company.

Table of Contents
Authority
Application and commencement
Interpretation
Obligations of a life company
General requirements
Annual returns to APRA
Review of systems, processes and internal controls
Special purpose engagements
Obligation to report to APRA under the Act
Ascertainment of income and outgoings of statutory funds
Adjustments and exclusions
Previous exercise of discretion
Attachment A – Auditable annual returns

Authority