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The objective of this audit is to assess the effectiveness of the Australian Taxation Office’s (ATO) and Treasury’s management of compliance with foreign investment obligations for residential real estate.
The objective of the audit is to assess whether the Australian Bureau of Statistics (ABS) has established effective risk management arrangements to support the implementation of the Statistical Business Transformation Program.
This audit would examine the Australian Reinsurance Pool Corporation’s (ARPC’s) administration of the Terrorism Reinsurance Scheme.
ARPC, which was established in response to the terrorist events of 11 September 2001 and subsequent global withdrawal of insurance, provides cover for eligible terrorism losses. Eligible losses can involve commercial property, associated business interruption losses and public liability. Through the Terrorism Reinsurance Scheme, insurance companies can reinsure the risk of terrorism losses by paying premiums to ARPC. Insurers are required to meet these claims in accordance with the terms and conditions of individual policies, with claims against the scheme met once an individual insurance company’s risk retention is exhausted. ARPC’s pool of retained earnings is to be used to fund the payment of eligible claims until co-reinsurance thresholds are reached and accessed, after which claims will be met by Commonwealth guarantee. The total value of the scheme is over $13 billion.
The audit objective was to assess the effectiveness of the Australian Taxation Office's processes for estimating and monitoring the costs, savings and benefits associated with the Reinventing the ATO program.