Document ID: chunk:federal_register_of_legislation:F2024L00877:body:0:p4
Version: federal_register_of_legislation:F2024L00877
Segment Type: other
Provision Reference: 
Character Range: 8350–11457

for the purposes of producing reliable financial data.

   An insurer may also seek the advice of its Appointed Auditor in relation to other matters where the insurer considers this to be appropriate.

15.         The Appointed Auditor must:

       (a)          audit the yearly statutory accounts of the insurer; and

       (b)          provide a certificate to the insurer relating to the yearly statutory accounts.[7] The certificate must fulfil the requirements set out in paragraphs 29 to 33.[8]

16.         The Appointed Auditor must:

       (a)          on an annual basis, review and test the insurer's systems, processes, and controls designed to:

           (i)            address compliance with all prudential requirements; and

           (ii)         enable the insurer to report reliable financial information to APRA; and

       (b)          perform such other work as necessary to fulfil the Appointed Auditor's responsibilities under this Prudential Standard.

17.         The Appointed Auditor must provide a report to the insurer relating to the findings of this review.[9] The report must meet the requirements set out in paragraphs 34 to 36.[10]

18.         The Appointed Auditor must provide the certificate and the report to the insurer within such time as to enable the insurer to provide the certificate and the report to APRA on or before the day that the insurer's yearly statutory accounts are required to be given to APRA in accordance with reporting standards made under the Collection of Data Act.[11]

Special purpose review

19.         When APRA specifies in writing, an Appointed Auditor must:

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

       (b)          prepare a report in respect of that review.[12]

20.         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 insurer'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 insurer in writing that an alternative standard must be used.

21.         The cost of a special purpose review will be borne by the insurer. The Appointed 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 Appointed Auditors

22.         The Act specifies certain circumstances where Appointed Auditors are required to report to APRA on a non-routine basis.[13] This may be where:

       (a)          APRA requests specific information; or

       (b)          where an Appointed Auditor has information that is specified in the Act or