Release date: 19 October 2021
The Insurance Brokers PQA 2021 (ROI & NI) toolkit is a dynamic set of
audit procedures, specifically designed to address the specialist nature of
insurance broker audits in both ROI and NI.
Based around Microsoft Excel, the Insurance Brokers PQA can be readily
tailored to the circumstances of an individual insurance broker client, and your
firm’s specific audit approach.
The Excel format allows you to include schedules and tests as separate
worksheets. If you use Microsoft Office 365, your PQA files can be readily
shared online amongst your audit team.
The toolkit consists of the following:
- Audit work programmes covering planning, fieldwork
and completion, along with lead schedules, tailored for insurance broker
audits, contained within an Excel workbook;
- Audit Planning Memorandum, tailored for insurance
broker audits;
- Memorandum of Significant Matters;
- Suggested additional paragraphs for the engagement
letter for an ROI insurance broker audit;
- Suggested additional paragraphs for the engagement letter for an NI insurance
broker audit.
The 2021 version of this toolkit has been updated to address:
- the introduction into law of the European Union (Insurance
Distribution) Regulations 2018 ('IDR'), which replaced the European Communities (Insurance
Mediation) Regulations 2005;
- changes to the Investment Intermediaries Act 1995 (IIA);
- the latest versions of the Handbook of Prudential Requirements for
Investment Intermediaries and the Consumer Protection
Code;
- the requirements of the Financial Conduct Authority (FCA)
Handbook
relevant to insurance intermediaries;
- the requirements of the Financial Services and Markets Act 2000
(FSMA) and the FSMA (Communications by Auditors) Regulations
2001;
- Changes to accounting standards, auditing standards
and company law.
(Where requirements for ROI and NI insurance brokers differ, separate tests
and, in some cases, programmes are provided.)
It includes a checklist for reporting to Central Bank in ROI or FCA in UK,
and for ROI, separate requirements depending on the insurance broker’s
authorisation status (IIA or IDR).
In the Republic of Ireland, 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, or insurance
companies or product producers.
In Northern Ireland, this toolkit is designed for
insurance intermediaries carrying on an insurance distribution activity and who may
hold premiums as agent of the insurer under a Risk Transfer Agreement. It
is not designed for the
audit of unincorporated
insurance brokers, brokers holding clients assets, designated investment businesses,
entities carrying out MiFID business, or insurance undertakings 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
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