Release date: 8 November 2023
Due to the regulated nature of Insurance Brokers, it is important to have
audit procedures which address the particular risks associated with these audit
clients. The Insurance Brokers PQA 2023 (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 2023 version of this toolkit has been updated for regulatory
requirements, changes to auditing standards, quality management standards and
FRS 102.
(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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