Document ID: chunk:federal_register_of_legislation:F2024L00877:body:0:p10
Version: federal_register_of_legislation:F2024L00877
Segment Type: other
Provision Reference: 
Character Range: 24975–27919

to fulfil the Group Auditor's responsibilities under this Prudential Standard.

12.         The parent entity of a Level 2 insurance group must ensure that its Group Auditor provides a report to the group relating to the findings of the limited assurance review. This report must meet the requirements set out in paragraphs 21 to 23 of this Attachment.

13.         The parent entity of a Level 2 insurance group must ensure that its Group Auditor provides the limited assurance review report to the group within such time as to enable the group to provide the report to APRA on or before the day that the Level 2 insurance group's annual accounts are submitted in accordance with the Collection of Data Act.

Special purpose review

14.         When APRA specifies in writing, a Group Auditor must:

       (a)          undertake a special purpose review of matters specified by APRA relating to the Level 2 insurance group's operations, risk management or financial affairs; and

       (b)          prepare a report in respect of that review.[31]

15.         The review must be completed in accordance with any relevant professional standards and guidance notes (as appropriate to the nature of the special purpose review), to the extent that they are not inconsistent with the requirements of this Prudential Standard. Where APRA considers, having regard to the nature of the Level 2 insurance group's operations and the purpose of the special purpose review, that the review should not be completed in accordance with those professional standards and guidance notes, APRA may advise the Level 2 insurance group in writing that an alternative standard must be used.

16.         The cost of a special purpose review will be borne by the Level 2 insurance group. The Group Auditor must submit the report to APRA and the insurer simultaneously within three months of the review being commissioned, unless APRA grants an extension of time in writing.

Non-routine reporting by Group Auditors

17.         The parent entity of a Level 2 insurance group must ensure that its Group Auditor reports to APRA on a non-routine basis where APRA requests specific information or where the Group Auditor has information that they consider would assist APRA in performing its functions.[32]

18.         If APRA requests information or documents from the Group Auditor, the parent entity of the Level 2 insurance group must ensure that such information or documents are provided to APRA.

Meetings with Group Auditors

19.         APRA liaison with a Group Auditor is normally conducted under trilateral arrangements involving:

       (a)          APRA;

       (b)          the Level 2 insurance group; and

       (c)          the Group Auditor.

20.         Any one of these parties may initiate a meeting or discussion when the party considers it necessary. Notwithstanding the trilateral relationship, APRA and a Group Auditor may