‏514.00 ₪

Property and Liability Insurance Entities 2018

‏514.00 ₪

ISBN13

9781945498527

יצא לאור ב

זמן אספקה

21 ימי עסקים

עמודים

688

פורמט

Paperback / softback

תאריך יציאה לאור

26 בפבר׳ 2019

שם סדרה

AICPA Audit and Accounting Guide

לדלג לסוף של גלריית תמונות

לדלג להתחלה של גלריית תמונות

פרטים

Get authoritative accounting and auditing guidance. Educate staff on the property and liability insurance industry, its products and regulatory issues, and the related transaction cycles an insurance entity is involved with. This guide contains updates on current GAAP and statutory accounting and audit guidance, as well as relevant guidance contained in standards issued through September 1, 2018 which have a major impact on insurance entities, including: FASB ASU No. 2016-01 and AICPA Q&A Section 7100.15: Insurance Companies and the Definition of Public Business Entity Revenue Recognition Implementation Issue: Considerations for Applying the Scope Exception in FASB ASC 606-10-15-2 and 606-10-15-4 to Contracts Within the Scope of FASB ASC 944

מידע נוסף

מידע נוסף
עמודים	688
פורמט	Paperback / softback
ISBN10	1945498528
יצא לאור ב	NC
תאריך יציאה לאור	26 בפבר׳ 2019
תוכן עניינים	1 Nature, Conduct, and Regulation of the Business 01-113 General Nature of the Business 01-03 Kinds of Insurance 04-08 Legal Forms of Organization 09 Methods of Producing Business 10-17 Major Transaction Cycles 18-41 Underwriting of Risks 18-27 Pooling, Captives, and Syndicates 28-30 Processing and Payment of Claims 31-32 Investments 33-36 Definition of Public Business Entity 37-41 Revenue Recognition 42 Accounting Practices 43-113 State Insurance Regulation 43-51 National Association of Insurance Commissioners 52-53 Federal Regulation - Securities and Exchange Commission 54-59 Federal Regulation - The Dodd-Frank Wall Street Reform and Consumer Protection Act 60-70 Federal Regulation - Terrorism 71-75 Industry Associations 76 Statutory Accounting Practices 77-104 Generally Accepted Accounting Principles 105-112 Comparison of SAP and GAAP 113 2 Audit Considerations 01-188 Introduction 01 Scope of the Audit Engagement 02-15 General Considerations 02-04 Integrated Audit of Financial Statements and Internal Control Over Financial Reporting 05-10 Additional PCAOB Audit Standards 11-15 Planning and Other Auditing Considerations 16-75 Audit Planning 17-18 Audit Risk 19-23 Risk Assessment Procedures 24-29 Understanding the Entity, Its Environment, and Its Internal Control 30-49 Common Industry Ratios and Performance Metrics 50-62 Identifying and Assessing the Risks of Material Misstatement 63-66 2 Audit Considerations Performing Audit Procedures in Response to Assessed Risks 67-73 Use of Assertions in Obtaining Audit Evidence 74-75 Other Risk Assessment Activities and Considerations 76-80 Planning Materiality 76-78 Performance Materiality and Tolerable Misstatement 79-80 Consideration of Fraud in a Financial Statement Audit 81-82 Insurance Industry - Fraud Risk Factors 83-105 The Importance of Exercising Professional Skepticism 85 Discussion Among Engagement Personnel Regarding the Risks of Material Misstatement Due to Fraud 86-89 Obtaining the Information Needed to Identify the Risks of Material Misstatement Due to Fraud 90-91 Identifying Risks That May Result in a Material Misstatement Due to Fraud 92-96 Assessing the Identified Risks After Taking an Evaluation of the Entity's Programs and Controls That Address the Risks Into Account 97-98 Responding to the Results of the Assessment 99 Evaluating Audit Evidence 100 Responding to Misstatements That May Be the Result of Fraud 101-102 Communicating About Possible Fraud to Management, Those Charged With Governance, and Others 103-104 Documentation and Guidance 105 Use of Information Technology 106-109 Going Concern Considerations 110-118 Evaluating Misstatements 119-122 Audit Documentation 123-131 Consideration of the Work of Internal Auditors 130-131 Communication of Matters Related to Internal Control 132-139 Identification of Deficiencies in Internal Control 133-134 Communication of Deficiencies in Internal Control 135-139 Communication of Other Matters With Those Charged With Governance 140-144 Matters to Be Communicated 142-144 Communications by Successor Auditors 145 Auditor Independence 146-147 Auditing Fair Value Measurements and Disclosures 148-150 Considerations for Auditors to Comply With the NAIC Model Audit Rule 151-172 Awareness 152-153 Change in Auditor 154 Auditor's Letter of Qualifications 155 Qualifications of the Auditor 156 2 Audit Considerations Indemnification 157 Partner Rotation 158 Prohibited Services 159-161 Consideration of Internal Controls in a Financial Statement Audit 162 Notification of Adverse Financial Condition 163-164 Report on Internal Controls 165-167 Working Papers 168 Communications to Audit Committees 169 Management's Report on Internal Controls Over Financial Reporting 170-172 Auditor's Consideration of State Regulatory Examinations 173-177 Auditor's Consideration of Permitted Statutory Accounting Practices 178-182 SEC Requirements for Management's Report on Internal Control Over Financial Reporting 183-188 3 Premiums 01-132 Background 01-29 Types of Premiums Adjustments 04 Summary of Premium Transaction Flow 05-26 Involuntary Markets 27-29 Accounting for Premiums and Acquisition Cost 30-110 Premium Revenue and Premium Adjustments 30-49 Premium Receivable 50-55 Acquisition Costs 56-83 Premium Deficiencies 84-97 Medicare Part D 98-102 Accounting for Contracts That Do Not Transfer Insurance Risk 103-104 Disclosure Considerations 105-110 Auditing Premiums and Acquisition Costs 111-132 Audit Planning 111 Consideration of Fraud in a Financial Statement Audit 112 Audit Risk Factors - Premiums and DAC 113-116 Management Estimates 117-119 Risk of Material Misstatement - Inherent Risk Factors 120-121 Internal Control 122-124 Control Environment 125-126 Risk Assessment Process 127-128 Control Activities 129 Audit Procedures Responsive to the Assessed Risks of Material Misstatement 130-131 Audit Consideration Chart 132 4 The Loss Reserving and Claims Cycle 01-204 Introduction 01-02 Types of Businesses and Their Effect on the Estimation Process 03-14 Policy Duration 04 Type of Coverage 05 Kind of Insurance Underwritten: Line of Business or Type of Risk 06-14 The Transaction Cycle 15-32 Claim Acceptance and Processing 16-18 Claim Adjustment and Estimation 19-24 Claim Settlement 25-28 Reinsurance Recoverable 29-30 Salvage and Subrogation 31-32 Components of Loss Reserves 33 Estimating Methods 34-53 Illustrative Projection Data 44-53 LAE Reserves 54-62 DCC Reserve Calculation Approaches 56-59 AO Reserve Calculation Approaches 60-62 Changes in the Environment 63-66 Critical Accounting Policies and Estimates Disclosure 67-68 Use of Specialists by Management in Determining Loss Reserves 69-71 Guaranty Fund and Other Assessments 72 Accounting Principles 73-95 GAAP Accounting 73-74 Discounting Loss Reserves 75-82 Structured Settlements 83-85 Reinsurance Recoverables 86 Liability for Unpaid Claims and Claim Adjustment Expenses 87-88 Statutory Accounting 89-95 Disclosures of Certain Matters in the Financial Statements of Insurance Enterprises 96-112 Applicability to Statutory Financial Statements 96 Relationship to Other Pronouncements 97-112 Auditing Loss Reserves 113-204 Planning Considerations - Overview 113-118 Consideration of Fraud in a Financial Statement Audit 119-121 Risk of Material Misstatement - Inherent Risk Factors 122 Internal Control 123-125 Control Environment 126 The Entity's Risk Assessment Process 127-128 Information Systems 129 4 The Loss Reserving and Claims Cycle Control Activities 130-131 Identifying and Assessing the Risks of Material Misstatement 132 Audit Procedures Responsive to the Assessed Risks of Material Misstatement 133-141 Use of Loss Reserve Specialists 142 Loss Reserve Specialists Engaged by the Auditor 143-145 Use of Management Specialists by Auditors in Evaluating Loss Reserves 146-148 Auditor's Response to Management's Use or Non-Use of a Loss Reserve Specialist 149 Evaluating the Reasonableness of the Estimates 150 Analytical Procedures 151-156 Testing the Data, Assumptions, and Selection of the Estimate 157-161 Auditing the Underlying Data Used in the Loss Reserving Process 162-167 Develop a Point Estimate or Range to Evaluate Management's Estimate 168-169 Loss Reserve Ranges 170-176 Factors That Could Affect a Range of Reasonably Possible Outcomes 177-183 Evaluating the Financial Effect of a Reserve Range 184-192 Auditor Uncertainty About the Reasonableness of Management's Estimate and Reporting Implications 193-194 Evaluating the Reasonableness of Loss Adjustment Expense Reserves 195-196 Ceded Reinsurance Recoverable 197-202 Understanding the Impacts of Foreign Exchange 203 Audit Consideration Chart 204 5 Investments and Fair Value Considerations 01-251 Introduction 01-08 Overview 01 Investment Evaluation 02-03 Recordkeeping and Key Performance Indicators 04-05 The Transaction Cycle 06-07 Safekeeping 08 Regulation 09-14 Statutory Limitations 10-14 FASB Accounting Standards Codification 820 and 825 15-40 Definition of Fair Value 16-22 Application to Liabilities and Instruments Classified in a Reporting Entity's Shareholders' Equity 23-25 The Fair Value Hierarchy 26-30 Fair Value Determination When the Volume or Level of Activity Has Significantly Decreased 31-33 5 Investments and Fair Value Considerations Disclosures 34-35 Fair Value Option 36-38 Statutory Accounting 39-40 Accounting Practices 41-224 Significant Differences Between GAAP and Statutory Accounting 42 Cash and Cash Equivalents 43-50 Debt and Equity Securities 51-99 Mortgage Loans 100-114 Troubled Debt Restructurings 115-123 Real Estate 124-134 Derivatives, Including Futures, Options, and Similar Financial Instruments 135-149 Joint Ventures and Partnerships 150-166 Investments in SCA Entities 167-182 Investment Income Due and Accrued 183-188 Asset Transfers and Extinguishments of Liabilities 189-202 Repurchase Agreements 203-215 Securities Lending 216-223 Other Information 224 Auditing Investments 225-251 Audit Planning 225 Consideration of Fraud in a Financial Statement Audit 226 Audit Risk Factors - Investments 227-230 Risk of Material Misstatement - Inherent Risk 231-233 Internal Control 234-236 Control Environment 237 Risk Assessment Process 238-239 Information System 240-241 Control Activities 242 Service Organizations 243-246 Audit Procedures Responsive to the Assessed Risks of Material Misstatement 247-248 Group Audit Considerations for Investments in Alternative Investments and Subsidiary, Controlled and Affiliated Entities 249 Audit Consideration Chart and Procedures 250-251 6 Reinsurance 01-119 Types of Reinsurance 07-08 Reinsurance Contracts 09-19 Bases of Reinsurance Transactions 15-18 Frequently Used Terms in Reinsurance Contracts 19 Accounting Practices 20-81 6 Reinsurance Generally Accepted Accounting Principles Accounting Practices 20-75 Statutory Accounting Principles 76-81 Special Risk Considerations 82-86 Auditing Reinsurance 87-119 Audit Planning 87 Consideration of Fraud in a Financial Statement Audit 88 Audit Risk Factors - Reinsurance 89-91 Risk of Material Misstatement - Inherent Risk 92 Internal Control 93-94 Control Environment 95 Risk Assessment Process 96-97 Information and Communication 98-99 Control Activities 100 Audit Procedures Responsive to the Assessed Risks of Material Misstatement 101-102 Internal Control of the Ceding Entity 103-104 Internal Control of the Reinsurer 105-106 Auditing Procedures for the Ceding Entity 107-109 Auditing Procedures for the Assuming Entity 110-113 Pools, Associations, and Syndicates 114 Reinsurance Intermediaries 115-118 Audit Consideration Chart 119 7 Income Taxes 01-67 Introduction 01-02 GAAP Accounting for Income Taxes 03-42 Basic Principles of GAAP Accounting for Income Taxes 05-26 Disclosure Requirements Contained in GAAP Literature 27-42 Statutory Accounting for Income Taxes 43-51 Disclosure Requirements Contained in Statutory Literature 51 Changes in Tax Law 52 Auditing Income Taxes 53-67 Audit Planning 53 Consideration of Fraud in a Financial Statement Audit 54 Audit Risk Factors - Income Taxes 55-57 Risk of Material Misstatement - Inherent Risk 58 Internal Control 59-60 Control Environment 61 Risk Assessment Process 62-63 Control Activities 64 Audit Procedures Responsive to the Assessed Risks of Material Misstatement 65-66 Audit Consideration Chart 67 8 Insurance-Related Expenses, Taxes, and Assessments 01-93 Introduction 01-05 Premium and State Taxes 06-12 Guaranty Fund and Other Assessments 13-66 Generally Accepted Accounting Principles 19-22 Statutory Accounting Principles 23-30 The Patient Protection and Affordable Care Act 31-66 Capitalized Costs and Certain Nonadmitted Assets 67-71 Pensions 72-75 Audit Considerations 76-93 Audit Planning 76 Consideration of Fraud in a Financial Statement Audit 77 Audit Risk Factors 78-80 Internal Control 81-83 Audit Procedures Responsive to the Assessed Risks of Material Misstatement 84-93 9 Captive Insurance Entities 01-41 Introduction 01-06 Types of Captive Organizations 07-26 Captive Operations 27-29 Specific Transaction Considerations and Accounting Principles 30-33 Taxes 33 Audit Considerations 34-41 Audit Planning 34 Consideration of Fraud in a Financial Statement Audit 35 Audit Risk Factors 36-38 Internal Control 39-40 Audit Procedures Responsive to the Assessed Risks of Material Misstatement 41 10 Reports on Audited Financial Statements 01-82 Reports on Financial Statements 01-02 Unmodified Opinions on GAAP Financial Statements 03-05 Modified Opinions 06-26 Qualified Opinion 10-11 Disclaimer of Opinion 12-14 Adverse Opinion 15-17 Emphasis-of-Matter Paragraphs 18-25 Evaluating Consistency of Financial Statements 26 Additional Guidance When Performing Integrated Audits of Financial Statements and Internal Control Over Financial Reporting 27-31 Integrated Audits Performed in Accordance With GAAS 27 10 Reports on Audited Financial Statements Considerations for Audits Performed in Accordance With PCAOB Standards 28-30 Reporting on Whether a Previously Reported Material Weakness Continues to Exist 31 Auditors' Reports on Statutory Financial Statements of Insurance Entities 32-51 NAIC - Codified Statutory Accounting 33-35 Regulatory Basis Financial Statements Intended for General Use 36-40 Regulatory Basis Financial Statements Intended for Limited Use 41-45 Regulatory Basis Financial Statements - Other Issues 46-51 Correction of Error 52-57 Correction of an Error - Regulatory Basis Financial Statements Intended for General Use 56 Correction of an Error - Regulatory Basis Financial Statements Intended for Limited Use 57 Opinion on Supplemental Schedules 58- 64 Other Reports 65-82 Accountant's Awareness Letter 66-68 Change in Auditor Letter69-72 Notification of Adverse Financial Condition Letter 73-76 Auditor Reports for Communicating Unremediated Material Weaknesses in Internal Control to Insurance Regulators 77-80 Accountant's Letter of Qualifications 81-82 Appendix A Accounting for Financial Instruments B The New Leases Standard: FASB ASC 842 C The New Revenue Recognition Standard: FASB ASC 606 D Overview of Statements on Quality Control Standards E Property and Liability Insurance Entity Specific Disclosures F Examples of Development Data G List of Industry Trade and Professional Associations, Publications, and Information Resources H Schedule of Changes Made to the Text From the Previous Edition Glossary Index of Pronouncements and Other Technical Guidance Subject Index
זמן אספקה	21 ימי עסקים