Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A life company must have an auditor appointed by the life company (the principal auditor ) to perform the functions of an auditor set out in the prudential standards.
(2) Within 6 weeks after a person stops being the principal auditor of a life company, the life company must appoint another person to be the principal auditor.
(3) The principal auditor must perform the functions of an auditor set out in:
(a) the prudential standards; and
(b) the reporting standards determined by APRA under the Financial Sector (Collection of Data) Act 2001 .