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Intro -- Audit and Accounting Guide: Life and Health Insurance Entities -- Preface -- About AICPA Audit and Accounting Guides -- Purpose and Applicability -- Recognition -- Guidance Considered in This Edition -- FASB ASC Pending Content -- Terms Used to Define Professional Requirements in This AICPA Audit and Accounting Guide -- Applicability of Generally Accepted Auditing Standards and PCAOB Standards -- Applicability of Quality Control Standards -- Alternatives Within U.S. Generally Accepted Accounting Principles -- AICPA.org Website -- Select Recent Developments Significant to This Guide -- Insurance Contracts Project -- Table of Contents -- Chapter 1 Overview of the Life and Health Insurance Industry -- Introduction -- Legal Forms of Organization -- Size and Composition of the Industry -- Stock Insurance Entities -- Mutual Insurance Entities -- Fraternal Benefit Societies -- Assessment Entities -- Operations and Distribution Systems -- Operations -- Distribution Systems -- Major Lines of Business -- Life Insurance Contracts -- Accident and Health Insurance Contracts -- Annuity Contracts -- Investment Contracts -- Fee-for-Service Contracts -- Reinsurance -- Regulation -- National Association of Insurance Commissioners -- Federal Regulations -- Rating Agencies -- Taxation -- Federal Taxation -- State Taxation -- State Guaranty Funds -- Industry Associations -- International Considerations -- Terrorism -- Chapter 2 Characteristics of Life and Health Insurance Products -- Introduction -- Classification of Insurance Contracts -- Broad Lines of Business -- Participating or Nonparticipating Classification -- Group or Individual Classification -- Accounting Classification -- Types of Contracts -- Life Insurance Contracts -- Accident and Health Insurance Contracts -- Annuity Contracts -- Investment Contracts -- Fee-for-Service Contracts.
Chapter 3 Sources of Accounting Principles and Reporting Requirements -- Introduction -- Statutory Accounting Principles -- Permitted Statutory Accounting Practices -- Statutory Reporting -- Disclosure Issues -- GAAP -- Financial Statement Disclosures -- Definition of Public Business Entity -- Revenue Recognition -- FASB ASC 820, Fair Value Measurement, and FASB ASC 825, Financial Instruments -- Definition of Fair Value -- Application to Nonfinancial Assets -- Application to Liabilities and Instruments Classified in a Reporting Entity's Shareholders' Equity -- The Fair Value Hierarchy -- Fair Value Determination When the Volume or Level of Activity Has Significantly Decreased -- Disclosures -- Fair Value Option -- Statutory Accounting -- SEC Reporting Requirements -- Tax Basis Accounting Requirements -- Comparison of GAAP and Statutory Accounting Principles -- Chapter 4 General Audit Considerations -- Introduction -- Scope of the Audit Engagement -- General Considerations -- Integrated Audit of Financial Statements and Internal Control Over Financial Reporting -- Additional PCAOB Audit Standards -- Planning and Other Auditing Considerations -- Audit Planning -- Audit Risk -- Risk Assessment Procedures -- Understanding the Entity, Its Environment, and Its Internal Control -- Common Industry Ratios and Performance Metrics -- Risk Indicators in the Life and Health Insurance Industry -- National Association of Insurance Commissioners Insurance Regulatory Information System -- Identifying and Assessing the Risks of Material Misstatement -- Performing Audit Procedures In Response to Assessed Risks -- Analytical Procedures -- Use of Assertions in Obtaining Audit Evidence -- Other Risk Assessment Activities and Considerations -- Planning Materiality -- Consideration of Fraud in a Financial Statement Audit -- Insurance Industry - Fraud Risk Factors.
The Importance of Exercising Professional Skepticism -- Discussion Among Engagement Personnel Regarding the Risks of Material Misstatement Due to Fraud -- Obtaining the Information Needed to Identify the Risks of Material Misstatement Due to Fraud -- Identifying Risks That May Result in a Material Misstatement Due to Fraud -- Assessing the Identified Risks After Taking Into Account an Evaluation of the Entity's Programs and Controls That Address the Risks -- Responding to the Results of the Assessment -- Evaluating Audit Evidence -- Responding to Misstatements That May Be the Result of Fraud -- Communicating About Possible Fraud to Management, Those Charged With Governance, and Others -- Documentation and Guidance -- Use of Information Technology -- Use of Service Organizations -- Going Concern Considerations -- Evaluating Misstatements -- Audit Documentation -- Accounting Estimates -- Insurance Entities Use of Actuarial Specialists -- Auditing Actuarially Determined Accounting Estimates -- Auditor Use of Actuarial Specialists -- Specialists Engaged by the Auditor -- Use of Management Specialists by Auditors in Evaluating Actuarially Determined Estimates -- Auditor's Response to Management's Use or Non-Use of an Actuarial Specialist -- Evaluating the Reasonableness of the Estimates -- Consideration of the Work of Internal Auditors -- Communication of Matters Related to Internal Control -- Identification of Deficiencies in Internal Control -- Communication of Deficiencies in Internal Control -- Communication of Other Matters With Those Charged With Governance -- Matters to Be Communicated -- Communications by Successor Auditors -- Auditor Independence -- Auditing Fair Value Measurements and Disclosures -- Considerations for Auditors to Comply With the NAIC Model Audit Rule -- Awareness -- Change in Auditor -- Auditor's Letter of Qualifications.
Qualifications of the Auditor -- Indemnification -- Partner Rotation -- Prohibited Services -- Consideration of Internal Control in a Financial Statement Audit -- Notification of Adverse Financial Condition -- Report on Internal Controls -- Working Papers -- Communications to Audit Committees -- Management's Report on Internal Controls Over Financial Reporting -- Auditor's Consideration of State Regulatory Examinations -- Auditor's Consideration of Permitted Statutory Accounting Practices -- SEC Requirements for Management's Report on Internal Control Over Financial Reporting -- Chapter 5 Auditing Inforce Files -- Introduction -- Control Objectives -- Auditing Procedures -- Confirmation of Insurance Contracts Inforce -- Audit Consideration Chart -- Chapter 6 Insurance Revenues -- Introduction -- Regulation of Premium Rates -- Taxation of Premiums -- Accounting Practices -- Statutory Accounting Principles -- Generally Accepted Accounting Principles -- Auditing -- Risk of Material Misstatement - Inherent Risk Factors -- Obtaining an Understanding of Internal Control for Premium Transactions -- Control Environment -- Risk Assessment Process -- Control Activities -- Information and Communication -- Audit Procedures Responsive to the Assessed Risks of Material Misstatement -- Audit Consideration Chart -- Chapter 7 Liabilities for Future Policy Benefits (Statutory Policy Reserves) and Other Contract Liabilities -- Introduction -- Regulation -- Statement of Actuarial Opinion -- Calculation Methods -- Reserve Definitions -- Retrospective and Prospective Methods -- Accounting Practices -- Statutory Accounting Principles -- Calculation of Reserve Liabilities by Contract Type -- Participating Policies -- Generally Accepted Accounting Principles -- Significant Actuarial Assumptions for Traditional Life and Health Insurance Products.
Calculation of Liabilities for Future Policy Benefits by Contract Type -- Participating Contracts -- Auditing -- Risk of Material Misstatement - Inherent Risk Factors -- Obtaining an Understanding of Internal Control for Auditing Liabilities for Future Policy Benefits and Other Contract Liabilities -- Control Environment -- The Entity's Risk Assessment Process -- Control Activities -- Information and Communication -- Special Considerations -- Auditing Statutory Reserve Adequacy -- Auditing GAAP Benefit Liabilities - Reviewing Assumptions Used -- Audit Consideration Chart -- Chapter 8 Benefit and Claim Payments -- Introduction -- Kinds of Benefit and Claim Payments -- Regulation -- Accounting Practices -- Statutory Accounting Principles - Benefit and Claim Payments -- Generally Accepted Accounting Principles - Benefit and Claim Payments -- Auditing -- Risk of Material Misstatement - Inherent Risk Factors -- Obtaining an Understanding of Internal Control for Contract Benefit and Claim Transactions -- Control Environment -- The Entity's Risk Assessment Process -- Control Activities -- Information and Communication -- Audit Consideration Chart -- Chapter 9 Commissions, General Expenses, and Deferred Acquisition Costs -- Introduction -- Regulation -- Accounting Practices -- Statutory Accounting Principles -- Generally Accepted Accounting Principles -- Accounting for DAC in Connection With Contract Modifications or Exchanges -- Sales Inducements to Contract Holders -- Amortization of DAC -- Calculation Methodologies -- Recoverability Testing and Loss Recognition -- Special Considerations -- Auditing -- Risk of Material Misstatement - Inherent Risk Factors -- Obtaining an Understanding of Internal Control for Commissions, General Expenses, and Deferred Acquisition Costs -- Control Environment -- The Entity's Risk Assessment Process -- Control Activities.
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