180 paragraphs found
The auditor and the life company agree on the terms of the engagement in accordance with the requirements of Auditing Standard ASA 210 Agreeing the Terms of Audit Engagements (ASA 210) and ASAE 3000 . These arrangements have to be legally binding and …
An engagement letter (or other suitable form) confirms both the client’s and the auditor’s understanding of the terms of the engagement and the auditor’s acceptance of the appointment. Both parties sign the engagement letter to acknowledge that it is a …
For recurring engagements, the auditor considers whether circumstances require the terms of the engagement to be revised and whether there is a need to reconfirm in writing the existing terms of the engagement. While the auditor may decide not to …
Ordinarily, matters that are contained in the engagement letter include the following: The objectives and scope of the annual prudential reporting engagement pursuant to LPS 310. The responsibilities of management and, where appropriate, those charged …
The engagement letter explains that any special purpose engagement of any aspect of the life company’s operations, risk management or financial affairs, will constitute a separate engagement(s) and that the details of such engagement(s) will be the …
The engagement letter furthermore clarifies that, in accordance with LPS 310 and CPS 510, the auditor is not to be a party to any contractual arrangements, or any understandings with a life company, that seek in any way to limit the auditor’s ability or …
The nature and extent of planning activities will vary with the engagement circumstances. Specific matters that may be considered by the auditor as part of the planning process include: The auditor’s understanding of the life company and its environment, …
The auditor obtains an understanding of the life company and its environment, including its internal control and compliance framework, and other assurance engagement circumstances, sufficient to: identify and assess the risks of the subject matter …
The auditor exercises professional judgement to determine the nature and extent of the understanding that is needed. When performing procedures to obtain an understanding of the life company and its environment, consideration of the following matters may …
In addition to the general planning considerations, the auditor takes the following factors into account when planning the review of the life company’s internal controls relevant to the assurance engagement: The overall compliance framework adopted by the …