Property and Liability Insurance Entities 2019

 
 
Wiley (Verlag)
  • 1. Auflage
  • |
  • erschienen am 7. Februar 2020
  • |
  • 672 Seiten
 
E-Book | ePUB mit Adobe DRM | Systemvoraussetzungen
978-1-948306-85-0 (ISBN)
 

Stay up?to?date on current GAAP and statutory accounting and audit guidance for property and liability insurance entities. This guide provides a good grounding on the industry, its products and regulatory issues, and the related transaction cycles that a property and liability insurance entity is involved with.

Relevant guidance contained in standards issued through September 1, 2019, is covered, including the following:

  • FASB ASU No. 2017?12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
  • SSAP No. 26R, Bonds
  • SSAP No. 43R, Loan-backed and Structured Securities
  • SSAP No. 97, Investments in Subsidiary, Controlled and Affiliated Entities
  • Revised for SSAP No. 101, Income Taxes, and NAIC INT 18?03, Additional Elements Under the Tax Cuts and Jobs Act

Key topics covered:

  • Understand current GAAP and statutory accounting for property and liability insurance entities.
  • Get authoritative accounting and auditing guidance applicable to property and liability
  • Understand current GAAP and statutory accounting for property and liability insurance entities.
  • Get authoritative accounting and auditing guidance applicable to property and liability insurance entities.
  • Properly develop an audit plan for auditing loss reserves.
  • Easily educate your staff on property and liability insurance.


The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the procession.

  • Englisch
  • 1,52 MB
978-1-948306-85-0 (9781948306850)
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TABLE OF CONTENTS


  1. Chapter
    1. 1  Nature, Conduct, and Regulation of the Business
      1. General Nature of the Business
      2. Kinds of Insurance
      3. Legal Forms of Organization
      4. Methods of Producing Business
      5. Major Transaction Cycles
        1. Underwriting of Risks
        2. Pooling, Captives, and Syndicates
        3. Processing and Payment of Claims
        4. Investments
        5. Definition of Public Business Entity
      6. Revenue Recognition
      7. Accounting Practices
        1. State Insurance Regulation
        2. National Association of Insurance Commissioners
        3. Federal Regulation - Securities and Exchange Commission
        4. Federal Regulation - The Dodd-Frank Wall Street Reform and Consumer Protection Act
        5. Federal Regulation - Terrorism
        6. Industry Associations
        7. Statutory Accounting Practices
        8. Generally Accepted Accounting Principles
        9. Comparison of SAP and GAAP
    2. 2  Audit Considerations
      1. Introduction
      2. Scope of the Audit Engagement
        1. General Considerations
        2. Integrated Audit of Financial Statements and Internal Control Over Financial Reporting
      3. Planning and Other Auditing Considerations
        1. Audit Planning
        2. Audit Risk
        3. Risk Assessment Procedures
        4. Understanding the Entity, Its Environment, and Its Internal Control
        5. Common Industry Ratios and Performance Metrics
        6. Identifying and Assessing the Risks of Material Misstatement
        7. Performing Audit Procedures in Response to Assessed Risks
        8. Use of Assertions in Obtaining Audit Evidence
      4. Other Risk Assessment Activities and Considerations
        1. Planning Materiality
        2. Performance Materiality and Tolerable Misstatement
      5. Consideration of Fraud in a Financial Statement Audit
      6. Insurance Industry - Fraud Risk Factors
        1. The Importance of Exercising Professional Skepticism
        2. Discussion Among Engagement Personnel Regarding the Risks of Material Misstatement Due to Fraud
        3. Obtaining the Information Needed to Identify the Risks of Material Misstatement Due to Fraud
        4. Identifying Risks That May Result in a Material Misstatement Due to Fraud
        5. Assessing the Identified Risks After Taking an Evaluation of the Entity's Programs and Controls That Address the Risks Into Account
        6. Responding to the Results of the Assessment
        7. Evaluating Audit Evidence
        8. Responding to Misstatements That May Be the Result of Fraud
        9. Communicating About Possible Fraud to Management, Those Charged With Governance, and Others
        10. Documentation and Guidance
      7. Use of Information Technology
      8. Going Concern Considerations
      9. Evaluating Misstatements
      10. Audit Documentation
        1. Consideration of the Work of Internal Auditors
      11. Communication of Matters Related to Internal Control
        1. Identification of Deficiencies in Internal Control
        2. Communication of Deficiencies in Internal Control
      12. Communication of Other Matters With Those Charged With Governance
        1. Matters to Be Communicated
      13. Communications by Successor Auditors
      14. Auditor Independence
      15. Auditing Fair Value Measurements and Disclosures
      16. Considerations for Auditors to Comply With the NAIC Model Audit Rule
        1. Awareness
        2. Change in Auditor
        3. Auditor's Letter of Qualifications
        4. Qualifications of the Auditor
        5. Indemnification
        6. Partner Rotation
        7. Prohibited Services
        8. Consideration of Internal Controls in a Financial Statement Audit
        9. Notification of Adverse Financial Condition
        10. Report on Internal Controls
        11. Working Papers
        12. Communications to Audit Committees
        13. Management's Report on Internal Controls Over Financial Reporting
      17. Auditor's Consideration of State Regulatory Examinations
      18. Auditor's Consideration of Permitted Statutory Accounting Practices
      19. SEC Requirements for Management's Report on Internal Control Over Financial Reporting
    3. 3  Premiums
      1. Background
        1. Types of Premiums Adjustments
        2. Summary of Premium Transaction Flow
        3. Involuntary Markets
      2. Accounting for Premiums and Acquisition Cost
        1. Premium Revenue and Premium Adjustments
        2. Premium Receivable
        3. Acquisition Costs
        4. Premium Deficiencies
        5. Medicare Part D
        6. Accounting for Contracts That Do Not Transfer Insurance Risk
        7. Disclosure Considerations
      3. Auditing Premiums and Acquisition Costs
        1. Audit Planning
        2. Consideration of Fraud in a Financial Statement Audit
        3. Audit Risk Factors - Premiums and DAC
        4. Management Estimates
        5. Risk of Material Misstatement - Inherent Risk Factors
        6. Internal Control
        7. Control Environment
        8. Risk Assessment Process
        9. Control Activities
        10. Audit Procedures Responsive to the Assessed Risks of Material Misstatement
        11. Audit Consideration Chart
    4. 4  The Loss Reserving and Claims Cycle
      1. Introduction
      2. Types of Businesses and Their Effect on the Estimation Process
        1. Policy Duration
        2. Type of Coverage
        3. Kind of Insurance Underwritten: Line of Business or Type of Risk
      3. The Transaction Cycle
        1. Claim Acceptance and Processing
        2. Claim Adjustment and Estimation
        3. Claim Settlement
        4. Reinsurance Recoverable
        5. Salvage and Subrogation
      4. Components of Loss Reserves
      5. Estimating Methods
        1. Illustrative Projection Data
      6. LAE Reserves
        1. DCC Reserve Calculation Approaches
        2. AO Reserve Calculation Approaches
      7. Changes in the Environment
      8. Critical Accounting Policies and Estimates Disclosure
      9. Use of Specialists by Management in Determining Loss Reserves
      10. Guaranty Fund and Other Assessments
      11. Accounting Principles
        1. GAAP Accounting
        2. Discounting Loss Reserves
        3. Structured Settlements
        4. Reinsurance Recoverables
        5. Liability for Unpaid Claims and Claim Adjustment Expenses
        6. Statutory Accounting
      12. Disclosures of Certain Matters in the Financial Statements of Insurance Enterprises
        1. Applicability to Statutory Financial Statements
        2. Relationship to Other Pronouncements
      13. Auditing Loss Reserves
        1. Planning Considerations - Overview
        2. Consideration of Fraud in a Financial Statement Audit
        3. Risk of Material Misstatement - Inherent Risk Factors
        4. Internal Control
        5. Control Environment
        6. The Entity's Risk Assessment Process
        7. Information Systems
        8. Control Activities
        9. Identifying and Assessing the Risks of Material Misstatement
        10. Audit Procedures Responsive to the Assessed Risks of Material Misstatement
        11. Use of Loss Reserve Specialists
        12. Loss Reserve Specialists Engaged by the Auditor
        13. Use of Management Specialists by Auditors in Evaluating Loss Reserves
        14. Auditor's Response to Management's Use or Non-Use of a Loss Reserve Specialist
        15. Evaluating the Reasonableness of the Estimates
        16. Analytical Procedures
        17. Testing the Data, Assumptions, and Selection of the Estimate
        18. Auditing the Underlying Data Used in the Loss Reserving Process
        19. Develop a Point Estimate or Range to Evaluate Management's Estimate
        20. Loss Reserve Ranges
        21. Factors That Could Affect a Range of Reasonably Possible Outcomes
        22. Evaluating the Financial Effect of a Reserve Range
        23. Auditor Uncertainty About the Reasonableness of Management's Estimate and Reporting Implications
        24. Evaluating the Reasonableness of Loss Adjustment Expense Reserves
        25. Ceded Reinsurance Recoverable
        26. Understanding the Impacts of Foreign Exchange
        27. Audit Consideration Chart
    5. 5  Investments and Fair Value...

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