PQAs for Insurance Brokers 2016 ROI

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FRS 102 version of this toolkit is - available to download now

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Release date: 3 January 2017

The toolkit has been extensively updated to address the requirements of FRS 102 and the Companies Act 2014. 

Based on, and in the same format as our landmark toolkit, Procedures for Quality Audit (PQA) 2016, Procedures for Quality Audit for Insurance Brokers 2016 (ROI) has been tailored and specifically customised to make it suitable for the audit of incorporated Insurance Brokers. The whole audit programme focuses on insurance brokers. Every section of the file has been tailored, leaving no irrelevant questions, checklists or work programmes.
Key features include:

  • The procedures have now been updated to reflect the requirements of FRS 102.  We have included a section on First Time Application of FRS 102 and we have updated the Audit Planning Memorandum and the Common Omissions Aide Memoir.
  • The procedures now reflect the requirements of the Companies Act 2014 and the Statutory Instrument (SI) 312 of 2016.
  • The workpack includes references to the Handbook of Prudential Requirements for Investment Intermediaries July 2014.
  • The Independence and Appointment/Reappointment section has been extensively updated and improved. It focuses on commonly occurring independence issues.
    It now includes many familiar features of the PQAs 2016, including:
    • The Audit Conclusion Summaries ("Traffic Light" Prompts) at the end of each work programme.
    • The Going Concern section now contains a list of options to choose from in framing your Auditor's Report.
    • The Auditor's Report section now contains a list of options to choose from in reaching your opinion.
    • We have included detailed Anti Money Laundering steps to be completed at the planning and completion stages, so that you can stay compliant with your AML procedures.
  • Separate requirements depending on the insurance broker’s authorisation status - IIA or IMD.
  • Tests for life and non-life business.
  • List of relevant legislation.
  • Checklist for reporting to Central Bank.
  • The client premium requirements of the Consumer Protection Code and the Prudential Requirements.  
    Audit Planning Memorandum specifically tailored for Insurance Brokers, in Microsoft Word, to facilitate completion;
  • Lead schedules for key audit areas in the audit of Insurance Brokers.

Available as a download, it allows users to perform audits using an Excel spreadsheets format that can be enhanced by supporting schedules and can be linked to clients’ files.
This toolkit is designed for the audit of incorporated insurance brokers carrying out life and/or non-life business and who may hold client premiums. It is not designed for the audit of unincorporated insurance brokers, brokers holding clients assets, companies registered under MiFID, mortgage Intermediaries, or insurance companies or product producers.

Downloading your toolkit
Once you have placed your order online, first print your invoice if you require one. Following this, go into your My Account area on the website and open My courses & downloads.  Your toolkit will be available to download there. You have up to 90 days from the date of purchase to download your toolkit.

For more information, contact us at Practice Consulting at Tel: +353 1 6377300