Document ID: chunk:federal_register_of_legislation:F2023L00691:front:0:p5
Version: federal_register_of_legislation:F2023L00691
Segment Type: other
Provision Reference: 
Character Range: 11256–13931

purpose engagements
20.         APRA may require the private health insurer, by notice in writing, to engage its Appointed Auditor to:
(a)          undertake a special purpose engagement relating to matters set out in writing by APRA relating to the private health insurer's operations, risk management or financial affairs; and
(b)          prepare a report in respect of that engagement.
21.         A private health insurer may engage an auditor other than the Auditor appointed under paragraph 6 to conduct a special purpose engagement, but only where this is agreed to by APRA and the Auditor satisfies the criteria set out in paragraph 10.
22.         A private health insurer must require an auditor appointed for a special purpose engagement to address limited assurance on the matters upon which the auditor is required to report unless otherwise determined by APRA and advised to the private health insurer in writing.
23.         A private health insurer must require an auditor appointed for a special purpose engagement to submit, within three months of the date of the notice commissioning the report, an auditor's report simultaneously to APRA and to the Board of the private health insurer, unless otherwise determined by APRA.
24.         A private health insurer must require an auditor appointed for a special purpose engagement to modify the report referred to in paragraph 22 for breaches relating to the matters upon which the Auditor is required to report which, in the Auditor's professional opinion, are material. In forming an opinion as to whether a breach is material, the private health insurer must require the auditor to have regard to relevant AUASB standards and guidance.
25.         The cost of a special purpose engagement will be borne by the private health insurer.

Adjustments and exclusions
26.         APRA may, by notice in writing to a private health insurer, adjust or exclude a specific requirement in this Prudential Standard in relation to that private health insurer.

Previous exercise of discretion
27.         A private health insurer must contact APRA if it seeks to place reliance, for the purposes of complying with this Prudential Standard, on a previous exemption or other exercise of discretion made by APRA under a previous Prudential Standard.

Attachment A
The Auditor must provide assurance on the data provided to APRA in the forms as listed below, or as instructed by APRA from time to time.
APRA determined these forms in reporting standards made under FSCODA.
Table 1 – Auditable annual returns
    Reporting Standard Name                                      Reporting Standard Number  Level of Assurance[1]