راهنمای حسابرسی و حسابداری: نهادهای بیمه اموال و مسئولیت

Audit and Accounting Guide: Property and Liability Insurance Entities......Page 3 Preface......Page 5 Table of Contents......Page 19 Kinds of Insurance......Page 29 Legal Forms of Organization......Page 32 Methods of Producing Business......Page 33 Underwriting of Risks......Page 35 Pooling, Captives, and Syndicates......Page 36 Investments......Page 37 Definition of Public Business Entity......Page 38 Revenue Recognition......Page 42 State Insurance Regulation......Page 47 National Association of Insurance Commissioners......Page 48 Federal Regulation — Securities and Exchange Commission......Page 51 Federal Regulation — The Dodd-Frank Wall Street Reform and Consumer Protection Act......Page 55 Federal Regulation — Terrorism......Page 57 Statutory Accounting Practices......Page 58 Generally Accepted Accounting Principles......Page 66 Comparison of SAP and GAAP......Page 69 General Considerations......Page 83 Audit Planning......Page 85 Audit Risk......Page 86 Risk Assessment Procedures......Page 87 Understanding the Entity, Its Environment, and Its Internal Control......Page 88 Common Industry Ratios and Performance Metrics......Page 92 Identifying and Assessing the Risks of Material Misstatement......Page 96 Performing Audit Procedures in Response to Assessed Risks......Page 97 Use of Assertions in Obtaining Audit Evidence......Page 98 Planning Materiality......Page 100 Consideration of Fraud in a Financial Statement Audit......Page 101 Insurance Industry — Fraud Risk Factors......Page 102 Discussion Among Engagement Personnel Regarding the Risks of Material Misstatement Due to Fraud......Page 114 Obtaining the Information Needed to Identify the Risks of Material Misstatement Due to Fraud......Page 116 Identifying Risks That May Result in a Material Misstatement Due to Fraud......Page 117 Assessing the Identified Risks After Taking an Evaluation of the Entity’s Programs and Controls That Address the Risks Into Account......Page 119 Responding to the Results of the Assessment......Page 120 Evaluating Audit Evidence......Page 121 Communicating About Possible Fraud to Management, Those Charged With Governance, and Others......Page 122 Use of Information Technology......Page 123 Going Concern Considerations......Page 126 Evaluating Misstatements......Page 128 Audit Documentation......Page 129 Consideration of the Work of Internal Auditors......Page 130 Communication of Deficiencies in Internal Control......Page 131 Matters to Be Communicated......Page 133 Communications by Successor Auditors......Page 134 Auditing Fair Value Measurements and Disclosures......Page 135 Considerations for Auditors to Comply With the NAIC Model Audit Rule......Page 136 Change in Auditor......Page 137 Indemnification......Page 138 Prohibited Services......Page 139 Notification of Adverse Financial Condition......Page 140 Working Papers......Page 141 Management’s Report on Internal Controls Over Financial Reporting......Page 142 Auditor’s Consideration of State Regulatory Examinations......Page 143 SEC Requirements for Management’s Report on Internal Control Over Financial Reporting......Page 145 Background......Page 149 Types of Premiums Adjustments......Page 150 Summary of Premium Transaction Flow......Page 151 Involuntary Markets......Page 156 Premium Revenue and Premium Adjustments......Page 158 Premium Receivable......Page 163 Acquisition Costs......Page 166 Premium Deficiencies......Page 172 Medicare Part D......Page 192 Accounting for Contracts That Do Not Transfer Insurance Risk......Page 193 Disclosure Considerations......Page 194 Audit Planning......Page 196 Audit Risk Factors — Premiums and DAC......Page 197 Management Estimates......Page 198 Risk of Material Misstatement — Inherent Risk Factors......Page 199 Internal Control......Page 200 Risk Assessment Process......Page 201 Control Activities......Page 202 Audit Procedures Responsive to the Assessed Risks of Material Misstatement......Page 203 Audit Consideration Chart......Page 204 Policy Duration......Page 211 Kind of Insurance Underwritten: Line of Business or Type of Risk......Page 212 The Transaction Cycle......Page 214 Claim Adjustment and Estimation......Page 215 Claim Settlement......Page 216 Reinsurance Recoverable......Page 217 Components of Loss Reserves......Page 218 Estimating Methods......Page 219 Illustrative Projection Data......Page 221 DCC Reserve Calculation Approaches......Page 232 Changes in the Environment......Page 233 Critical Accounting Policies and Estimates Disclosure......Page 235 Use of Specialists by Management in Determining Loss Reserves......Page 236 GAAP Accounting......Page 237 Discounting Loss Reserves......Page 238 Reinsurance Recoverables......Page 240 Statutory Accounting......Page 242 Relationship to Other Pronouncements......Page 245 Planning Considerations — Overview......Page 251 Consideration of Fraud in a Financial Statement Audit......Page 253 Internal Control......Page 254 The Entity’s Risk Assessment Process......Page 255 Identifying and Assessing the Risks of Material Misstatement......Page 256 Audit Procedures Responsive to the Assessed Risks of Material Misstatement......Page 257 Loss Reserve Specialists Engaged by the Auditor......Page 259 Auditor’s Response to Management’s Use or Non-Use of a Loss Reserve Specialist......Page 260 Analytical Procedures......Page 261 Testing the Data, Assumptions, and Selection of the Estimate......Page 262 Auditing the Underlying Data Used in the Loss Reserving Process......Page 266 Loss Reserve Ranges......Page 268 Factors That Could Affect a Range of Reasonably Possible Outcomes......Page 270 Evaluating the Financial Effect of a Reserve Range......Page 272 Auditor Uncertainty About the Reasonableness of Management’s Estimate and Reporting Implications......Page 273 Ceded Reinsurance Recoverable......Page 274 Audit Consideration Chart......Page 276 Recordkeeping and Key Performance Indicators......Page 283 Statutory Limitations......Page 284 Definition of Fair Value......Page 285 Application to Liabilities and Instruments Classified in a Reporting Entity’s Shareholders’ Equity......Page 287 The Fair Value Hierarchy......Page 288 Fair Value Determination When the Volume or Level of Activity Has Significantly Decreased......Page 290 Disclosures......Page 291 Fair Value Option......Page 292 Accounting Practices......Page 293 Significant Differences Between GAAP and Statutory Accounting......Page 294 Cash and Cash Equivalents......Page 295 Debt and Equity Securities......Page 297 Mortgage Loans......Page 318 Troubled Debt Restructurings......Page 321 Real Estate......Page 324 Derivatives, Including Futures, Options, and Similar Financial Instruments......Page 327 Joint Ventures and Partnerships......Page 334 Investments in SCA Entities......Page 341 Investment Income Due and Accrued......Page 346 Asset Transfers and Extinguishments of Liabilities......Page 348 Repurchase Agreements......Page 353 Securities Lending......Page 355 Audit Planning......Page 357 Audit Risk Factors — Investments......Page 358 Risk of Material Misstatement — Inherent Risk......Page 359 Internal Control......Page 362 Control Environment......Page 363 Risk Assessment Process......Page 364 Control Activities......Page 365 Service Organizations......Page 366 Audit Procedures Responsive to the Assessed Risks of Material Misstatement......Page 367 Audit Consideration Chart and Procedures......Page 368 Chapter 6 Reinsurance......Page 377 Reinsurance Contracts......Page 378 Frequently Used Terms in Reinsurance Contracts......Page 381 Generally Accepted Accounting Principles Accounting Practices......Page 383 Statutory Accounting Principles......Page 397 Special Risk Considerations......Page 405 Audit Planning......Page 406 Audit Risk Factors — Reinsurance......Page 407 Internal Control......Page 408 Risk Assessment Process......Page 409 Control Activities......Page 410 Internal Control of the Ceding Entity......Page 411 Internal Control of the Reinsurer......Page 412 Auditing Procedures for the Ceding Entity......Page 413 Auditing Procedures for the Assuming Entity......Page 414 Reinsurance Intermediaries......Page 416 Audit Consideration Chart......Page 417 Basic Principles of GAAP Accounting for Income Taxes......Page 419 Disclosure Requirements Contained in GAAP Literature......Page 424 Statutory Accounting for Income Taxes......Page 433 Changes in Tax Law......Page 438 Audit Risk Factors — Income Taxes......Page 439 Risk of Material Misstatement — Inherent Risk......Page 440 Risk Assessment Process......Page 441 Audit Procedures Responsive to the Assessed Risks of Material Misstatement......Page 442 Audit Consideration Chart......Page 443 Introduction......Page 447 Premium and State Taxes......Page 448 Guaranty Fund and Other Assessments......Page 449 Generally Accepted Accounting Principles......Page 451 Statutory Accounting Principles......Page 453 The Patient Protection and Affordable Care Act......Page 456 Capitalized Costs and Certain Nonadmitted Assets......Page 472 Pensions......Page 473 Audit Planning......Page 475 Audit Risk Factors......Page 476 Audit Procedures Responsive to the Assessed Risks of Material Misstatement......Page 477 Introduction......Page 481 Types of Captive Organizations......Page 482 Captive Operations......Page 484 Specific Transaction Considerations and Accounting Principles......Page 485 Audit Planning......Page 486 Audit Risk Factors......Page 487 Audit Procedures Responsive to the Assessed Risks of Material Misstatement......Page 488 Reports on Financial Statements......Page 491 Unmodified Opinions on GAAP Financial Statements......Page 492 Modified Opinions......Page 494 Disclaimer of Opinion......Page 496 Emphasis-of-Matter Paragraphs......Page 497 NAIC — Codified Statutory Accounting......Page 503 Regulatory Basis Financial Statements Intended for General Use......Page 504 Regulatory Basis Financial Statements Intended for Limited Use......Page 506 Regulatory Basis Financial Statements — Other Issues......Page 509 Correction of Error......Page 510 Correction of an Error — Regulatory Basis Financial Statements Intended for General Use......Page 511 Correction of an Error — Regulatory Basis Financial Statements Intended for Limited Use......Page 513 Opinion on Supplemental Schedules......Page 515 Accountant’s Awareness Letter......Page 516 Change in Auditor Letter......Page 517 Notification of Adverse Financial Condition Letter......Page 518 Auditor Reports for Communicating Unremediated Material Weaknesses in Internal Control to Insurance Regulators......Page 520 Accountant’s Letter of Qualifications......Page 522 Appendix A Accounting for Financial Instruments......Page 527 Appendix B The New Leases Standard: FASB ASC 842......Page 547 Appendix C The New Revenue Recognition Standard: FASB ASC 606......Page 559 Appendix D Overview of Statements on Quality Control Standards......Page 569 Appendix E Property and Liability Insurance Entity Specific Disclosures......Page 579 Appendix F Examples of Development Data......Page 603 Appendix G List of Industry Trade and Professional Associations, Publications, and Information Resources......Page 607 Appendix H Schedule of Changes Made to the Text From the Previous Edition......Page 611 Glossary......Page 615 Index of Pronouncements and Other Technical Guidance......Page 629 Subject Index......Page 645 EULA......Page 670