Regulatory AlertsPrudential Standard LPS 310 Audit and Related Matters
The Australian Prudential Regulation Authority issued Prudential Standard LPS 310 to mandate that all life insurers enable their Auditors to fulfill legal responsibilities within specified timeframes. The standard requires life companies to ensure Auditor eligibility, independence, and unrestricted access to data, while obligating Auditors to provide reasonable assurance on annual returns and limited assurance on internal controls. Additionally, it establishes procedures for special purpose engagements and direct reporting obligations to APRA regarding potential contraventions that may prejudice policy owners.
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