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#1
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![]() I'm not sure if this is the best forum to post this to, but here goes.
My company recently added an internal audit (IA) actuarial role which I ended up in. It's their first actuarial IA role. My concern is that the standards CPAs/CFAs need for this line of work may differ from that of an ASA at some point. ○ With that said, when my name ends up on memos that go internally do I need to have some sort of disclosure statement in the memo? Originally I don't think I'd have been involved much in any final memos. More the fieldwork and questions towards clients. Therefore I don't think I'd personally be writing a statement of opinion at any time. ○ Does the fact it's internal and my ASA title likely wouldn't be listed change anything? I have other questions but I don't want to bog things down here. I've read ASOP 21 a few times, but it seems directed towards an actuary working with IA/being audited rater than an actuary working in internal audit. I just feel a bit lost at the moment. I don't have any guidance on this and can't seem to find any online. Thanks for any help anyone can offer.
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#2
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![]() Reviewing Actuary (IA) and Responding Actuary (being audited/examined by IA) role definitions in ASOP 21 seem relatively clear.
Note that other ASOP requirements are applicable, as appropriate, to the work of either/both Reviewing Actuary and Responding Actuary including those specified within ASOP 21 itself i.e., ASOP 41 excerpted below. Quote:
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#3
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![]() I guess I've been confused a bit in what all needs put into it. Partly due to not having done an audit yet at the time of having to bring this up.
I'd be curious if IA actuaries largely use a slightly modified blanket disclosure statement or if they need to create one tailored per audit they are on. With deviations for material assumptions or from the ASOPs as you pointed out. I assume the source would always be disclosed when information is coming from clients.
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#5
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![]() Quote:
So, you need to make sure that what they did follows the standards of the company and the ASOPs. If everything is fine, you will have an actuarial communications stating what you reviewed, and how it aligns with the company standards and ASOPs. If they deviate from the standards/ASOPs, you may have to do a separate analysis to see if you agree with their results. That analysis is an actuarial work product and needs to follow with ASOPs as well. If you find you agree with the deviation, you're back with writing a communication that documents what you did, why they deviated, how that is OK. If they deviated and you don't agree with the results - then you pick up the phone and start having conversations. |
#6
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![]() You can reach out to the ABCD for advice, too.
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![]() Life sucks like a hoover. Grab the handle or get in the bag. fun king ded http://www.actuarialoutpost.com/actu...82&postcount=5 Maine-iac thinks I'm smart ![]() http://www.actuarialoutpost.com/actu...0&postcount=10 So does Westley! |
#7
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![]() I can tell you as a humble FAP student that actuaries are not auditors, per ASOP 23 (at least). Good luck
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Exams: VEE: FAP: Conferences: APC |
#8
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![]() Quote:
Quote:
It's been confusing to visualize in practice. I expect I'll need to substantially enhance the big picture view I've garnered in two years when it comes to beginning this new role.
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#10
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![]() Their advice will be pretty generic, certainly no more specific than what you have seen in this thread.
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Carol Marler, "Just My Opinion" Pluto is no longer a planet and I am no longer an actuary. Please take my opinions as non-actuarial. My latest favorite quotes, updated Nov. 20, 2018. Spoiler: |
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