The Australian Prudential Regulation Authority (APRA) has informed life insurers of a minor amendment to Prudential Standard LPS 310 Audit and Related Matters (LPS 310). 

APRA says the amendment was made after a minor error was identified LPS 310. The error relates to the level of assurance required for two reporting standards, Statement of Policy Liabilities (LRS 400.0) and Assets Backing Policy Liabilities (LRS 420.0). 

The amendment changes the current level of assurance in the two reporting standards from “reasonable” to “none”. 

Click here for the APRA letter to life insurers.