APRA requires an insurance company to prepare its financial statements in accordance with statutory accounting principles. This situation may prevent an auditor from issuing a special report on the financial report as this is not a recognised alternative comprehensive basis.

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APRA (Australian Prudential Regulation Authority) requires insurance companies to prepare financial statements in accordance with Australian Accounting Standards, not statutory accounting principles. Auditors can issue special reports if these standards are met, as they are recognized and comprehensive.

APRA Requires an Insurance Company to Prepare Its Financial Statements