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Circular No 06/09

General PHIAC Circulars

Circular No 06/09

REINSURANCE AUDIT ARRANGEMENTS 2005-2006

Registered Organisations are reminded of the requirement for PHIAC 1 returns to be audited by external auditors for the four quarters to 30 June 2006.

The audit program remains essentially unchanged from the program used in 2004-2005. Minor clarifications have been made in sections dealing with fees charged, and in sections dealing with benefits paid for medical services where there is no agreement or scheme.

A copy of the program (Microsoft Word) to be used for 2005-2006 and a list of amendments (Microsoft Word) to the program have been provided to the public officers of registered organisations by e-mail. Additional copies are available from PHIAC Secretariat (contact officer below). An electronic copy can be obtained from PHIAC’s website on the Circulars page.

Organisations must ensure that their external auditors adopt the program, or an alternative program that provides similar checks and levels of accuracy, for the 2005-2006 year. Organisations are responsible for engaging competent auditors. Organisations and auditors are responsible for their own audit program and processes.

The required format for the audit certification (Microsoft Word) that recognises the requirements of this circular is included in the program as Appendix C. Copies are available from PHIAC secretariat (contact officers below).

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 2005-2006 year reaches the PHIAC Secretariat by no later than 30 September 2006.

Organisations must apply in writing well before 30 September 2006 if extra time is required.

Organisations are reminded that PHIAC intends to continue its policy of naming in its annual report Organisations that do not meet the statutory reporting requirements.