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May 11, 2010

APB issues draft guidance on audit of insurers

The UK Auditing Practices Board (APB) has published draft guidance titled The Audit of Insurers in the United Kingdom (Revised).

The consultation draft updates the current guidance, which was issued in January 2007.

The APB said the consultation draft is largely unchanged from the current guidance, however revised guidance includes:

  • Auditing accounting estimates, including fair value accounting estimates and related disclosures;
  • Evaluation of misstatements identified during the audit;
  • The auditor’s report (including the reporting of equalisation provisions); and
  • The illustrative examples of various regulatory auditor’s reports.

APB Chairman Richard Fleck said the release of the clarified ISAs has significantly improved the quality of auditing standards and those improvements are now reflected in the proposed revision to the practice note.

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