Correction to Prudential Standard LPS 310 Audit and Related Matters
To: All life insurers
A minor error has been identified in Prudential Standard LPS 310 Audit and Related Matters (LPS 310). The error relates to the level of assurance required for two reporting standards listed in Attachment A of LPS 310. The following table outlines the current level of assurance listed in LPS 310 and how APRA will correct this.
Reporting standard name | Current level of assurance in LPS 310 | Corrected level of assurance |
|---|---|---|
Statement of Policy Liabilities (LRS 400.0) | Reasonable | None |
Assets Backing Policy Liabilities (LRS 420.0) | Reasonable | None |
In making this correction, the level of audit assurance for LRS 400.0 and LRS 420.0 will return to the level which was required prior to 1 July 2023 and will also align the level of assurance listed in LPS 310 with that which is listed within the relevant reporting standards.
The changes to LPS 310 will be effective from 18 December 2023. APRA recognises that entities will be preparing for the auditing of their annual returns and wanted to announce its intention to make this correction to assist entities with this planning process.
Should you have any questions about this correction, please contact your responsible supervision team.
Yours sincerely
Clare Gibney
Executive Director
Policy and Advice Division, APRA
Attachment
The marked-up version of LPS 310 is available below: