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Circular No 87
General PHIAC Circulars
Circular No 87
Contact Officer:
Gary Kennedy (02) 6285 3133
Dru Dietz (02) 6285 3131
28 May 1999
REINSURANCE AUDIT ARRANGEMENTS 1998-1999
Registered organisations are reminded of the requirement for reinsurance transactions to be audited by external auditors for the four quarters to 30 June 1999.
Due to the changes to the health insurance arrangements and consequential changes to the PHIAC 1 return, Council arranged for the audit program to be revised by PriceWaterhouseCoopers.
Two copies of the revised program are provided to registered organisations with additional copies being available from PHIAC Secretariat if required.
Organisations must ensure that their external auditors adopt the program for the 1998-99 year, unless an auditor is specifically exempted by the Commissioner from the application of the program on the grounds that an alternative program adopted by an auditor achieves an equally satisfactory outcome. In applying for exemption, the auditor must provide adequate detail of the alternative program to satisfy the Commissioner that such exemption should be granted. The exemption must be renewed each year.
The required format for the audit certification that recognises the requirements of this circular is attached.
Audit certification for the four quarters to 30 June each year must be provided within three months of the end of the financial year or such time as approved by the Commissioner. Please ensure that the certificate for the 1998-99 year reaches the PHIAC Secretariat by 30 September 1999.