180 paragraphs found
In accordance with ASA 315 Identifying and Assessing Risks of Material Misstatement through Understanding the Entity and its Environment , the auditor performs risk assessment procedures and related activities to obtain an understanding of the life …
In identifying and assessing the risks of material misstatement, the auditor may need to consider the use of accounting estimates in the calculation of the life company’s PCR under ASA 540 Auditing Accounting Estimates, Including Fair Value Accounting …
The degree of estimation uncertainty associated with an accounting estimate may be influenced by factors such as: The extent to which the accounting estimate depends on judgement. The sensitivity of the accounting estimate to changes in assumptions. The …
Matters the auditor considers in assessing the risks of material misstatement in an accounting estimate may also include: The actual or expected magnitude of an accounting estimate. The recorded amount of the accounting estimate (that is, management’s …
The auditor complies with the requirements of Auditing Standard ASA 560 Subsequent Events (ASA 560), as appropriate, which may include the following audit procedures: Reading minutes of the life company’s Board, as well as minutes of any sub committees …
Prior to issuing the Auditor’s Annual Prudential Assurance Report, the auditor obtains written representations, as are considered appropriate to matters specific to the life company, from the party responsible [18] for the life …
These written representations are generally in the form of a representation letter. In obtaining and using these written representations, the auditor complies with the requirements of, as appropriate, Auditing Standard ASA 580 Written Representations …
As the systems, procedures and controls to ensure compliance with Prudential Requirements are part of the life company’s operations, it is possible that either the inherent limitations of the internal control structure, or weaknesses in it, may impact on …
Due to the nature of audit and review procedures and other inherent limitations of an audit and review, there is a possibility that a properly planned and executed audit or review may not detect all errors or omissions in life company annual returns, …
An audit provides reasonable assurance and cannot constitute a guarantee that the information included in life company annual returns specified in Attachment A to LPS 310, sourced from accounting records, is reliable, or that all instances of …