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.
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Separate requirements depending on the insurance broker’s authorisation
status - IIA or IMD.
-
Tests for life and non-life business.
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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 on CD, 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 new 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.
For more information, contact us at Practice Consulting
Phone: 01 6377300