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Life and Health Insurance Entities - Audit and Accounting Guide

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This resource will help you stay up to date on current GAAP and Statutory accounting and audit guidance related to life and health insurance entities. It also provides a good background of the life and health insurance industry, products and regulatory issues, and   the related transaction cycles that an insurance entity is involved with. Relevant guidance contained in standards issued through July 2013 is included.

Illustrative reports on audited financial statements have been conformed to the changes resulting from the ASB Clarity project. Examples included contain illustrations of the auditor’s report on general use financial statements of an insurance enterprise prepared in accordance with SAP, as well as an example auditor’s reports under PCAOB standards. The guide also includes discussion related to the auditor’s and insurance entity’s use of actuarial specialists.

Updates significant to this edition include technical guidance contained in:

  • SSAP No. 43R, Loan-backed and Structured Settlements, for accounting for loan backed and structured securities.
  • SSAP No. 61R, Life and Health Reinsurance Agreements, updates related to reinsurance ceded to a certified reinsurer and unauthorized reinsurers.
  • AU-C 700, Forming an Opinion and Reporting on Financial Statements and AU-C 800, Special Considerations—Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks, and the differences with reports under PCAOB standards. The report has a new look and is presented in a more clear and impactful manner.

All content is reviewed by industry experts and the appropriate AICPA senior committee(s).

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Life and Health Insurance Entities - Audit and Accounting Guide
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