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Insurance Industry Developments Audit Risk Alert

Publisher: AICPA
Availability: 01/05/2009
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Description

This Audit Risk Alert is intended to provide auditors of financial statements of insurance entities with a general overview of recent economic, industry, technical, regulatory, and professional developments that may affect the audits and other engagements they perform. This alert can also be used by an entity's internal management to address areas of audit concern. This alert is an important tool in helping you identify the significant risks that may result in the material misstatement of financial statements. Moreover, this alert delivers information about emerging practice issues and current accounting and auditing developments.

This alert provides information on regulatory updates and recently issued accounting and auditing standards relevant to the insurance industry. In this alert, you will find information such as:

  • SSAP Updates (SSAP Nos. 97, 98 and 99)
  • Financial Guarantee Insurance Contracts (FASB No. 163)
  • Business Combinations (FASB Nos. 160 and 141(R))
  • Fair Value Accounting Standards (FASB Nos. 157 and 159)

You will also find information on emerging issues such as:

  • Other-Than-Temporary Impairments
  • Reinsurance Arrangements
  • Convergence with International Financial Reporting Standards
  • FASB Codification Project
  • ASB's Clarity Project including convergence with international standards

This publication is an other auditing publication as defined in AU section 150. Other auditing publications have no authoritative status; however, they may help the auditor understand and apply the Statements on Auditing Standards. The auditing guidance in this document has been reviewed by the AICPA Audit and Attest Standards staff and published by the AICPA and is presumed to be appropriate. This document has not been approved, disapproved, or otherwise acted on by a senior technical committee of the AICPA.

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Table of Contents

Content refers to previous edition

  • How This Alert Helps You
  • Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
  • Economic Developments
    • The State of the Economy
  • Industry Trends and Conditions
    • Life and Health Industry
    • Property and Liability Industry
  • Regulatory Developments
    • Recent Statutory Accounting Principles
    • NAIC Reinsurance Disclosure and Filing Requirements
    • SSAP No. 9 Considerations
    • Section 11 of the NAIC Model Audit Rule & AICPA Statutory Framework
    • Terrorism Insurance Developments
    • National Flood Insurance Program
    • Reminder — Consideration of the Examiners Handbook
    • Reminder — Actuarial Data Integrity
    • Reminder — Access to CPA Audit Documentation
  • Audit and Accounting Issues and Developments
    • Reinsurance Arrangements
    • Fair Value Measurements
    • The NAIC’s Sarbanes-Oxley Initiative Update
  • Recent Auditing and Attestation Pronouncements and Related Guidance
    • The Auditor’s Communication With Those Charged With Governance
    • Communicating Internal Control Related Matters Identified in an Audit
    • AICPA Risk Assessment Standards
    • Practice Alert No. 07-1, Dating of the Auditor’s Report and Related Practical Guidance
    • PCAOB Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That is Integrated with An Audit of Financial Statements
  • Recent AICPA Independence and Ethics Pronouncement
  • Recent Accounting Pronouncements and Related Guidance
    • SOP 07-1
    • FIN 48
  • On the Horizon
    • Overhaul Project—AICPA Audit and Accounting Guide Property and Liability Insurance Companies
    • Auditing Pipeline—Nonissuers
    • Auditing Pipeline—Issuers
    • Accounting Pipeline
  • Resource Central
    • Publications
    • AICPA reSOURCE: Accounting and Auditing Literature
    • Continuing Professional Education
    • Webcasts
    • Member Service Center
    • Hotlines
    • AICPA CAQ
    • AICPA Industry Expert Panel — Insurance
    • Insurance Industry Web Sites
  • Appendix — Additional Web Resources

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Excerpts

Content refers to previous edition

Notice to Readers

This Audit Risk Alert is intended to provide auditors of financial statements of insurance industry entities with an overview of recent economic, industry technical, regulatory, and professional developments that may affect the audits and other engagements they perform.

This publication is an other auditing publication as defined in AU section 150, Generally Accepted Auditing Standards (AICPA, Professional Standards vol. 1). Other auditing publications have no authoritative status; however, they may help the auditor understand and apply the Statements on Auditing Standards.

If an auditor applies the auditing guidance included in an other auditing publication, he or she should be satisfied that, in his or her judgment, it is both relevant to the circumstances of the audit and appropriate. The auditing guidance in this document has been reviewed by the AICPA Audit and Attest Standards staff and published by the AICPA and is presumed to be appropriate. This document has not been approved, disapproved, or otherwise acted on by a senior technical committee of the AICPA.

William S. Boyd, CPA
Technical Manager
Accounting and Auditing Publications

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Paperback 2008
Product# 022359
Availability:01/05/2009
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