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This exposure draft provides guidance on certain significant aspects of internal accounting controls and auditing procedrues for property and liability reinsurance, including accident and health reinsurance. For ceded reinsurance, this draft provides guidance on internal accounting controls and related auditing procedures regarding the evaluation of the assuming company's financial responsibility and stability. For assumed reinsurance, the draft provides guidance on internal accounting controls and related auditing procedures regarding the assessment of the accuracy and reliability of data received from the ceding company. The draft also provides guidance on the auditor's tests of selected reinsurance contracts, transactions, and related balances and guidance on internal accounting controls and related auditing considerations for reinsurance transacted through an intermediary or broker.
Reinsurance -- Standards; Insurance -- Accounting -- Standards
Accounting | Taxation
American Institute of Certified Public Accountants. Reinsurance Auditing and Accounting Task Force, "Proposed auditing statement of position : auditing property and liability reinsurance ;Auditing property and liability reinsurance" (1982). Statements of Position. 445.