CIA Annual Meeting Assembl

1
CIA Annual MeetingAssemblée annuelle de lICA

• June 29 30, 2006 Ÿ Les 29 et 30 juin 2006
• Ottawa, Ontario
• David Oakden

PC 5 Auditors Work / Actuarys Opinion
2
CIA Annual Meeting Ÿ Assemblée annuelle de lICA

• E 15 Outline
• Appointment
• Role and Duties
• Qualifications
• External Review
• External Audit vs ER

PC 5 Auditors Work / Actuarys Opinion
3
CIA Annual Meeting Ÿ Assemblée annuelle de lICA

• Appointment
• Not CEO, COO or CFO
• Notify OSFI in writing
• Directors may revoke appointment
• AA must submit letter explaining reasons
• New AA must review letter

PC 5 Auditors Work / Actuarys Opinion
4
CIA Annual Meeting Ÿ Assemblée annuelle de lICA

• Role and Duties
• Annual Valuation (AAR)
• Financial Condition (DCAT)
• Three years
• Include actual experience
• Report to Directors/Audit Committee
• Adverse Condition Report
• If necessary

PC 5 Auditors Work / Actuarys Opinion
5
CIA Annual Meeting Ÿ Assemblée annuelle de lICA

• Qualifications
• Canadian Experience
• 3 years in last 6
• CPD up to Date
• AA Certificate
• No Public Discipline

PC 5 Auditors Work / Actuarys Opinion
6
CIA Annual Meeting Ÿ Assemblée annuelle de lICA

• External Review
• Objectives
• Confidence
• Narrowing range
• Quality
• Educational

PC 5 Auditors Work / Actuarys Opinion
7
CIA Annual Meeting Ÿ Assemblée annuelle de lICA

• External Review
• Work to be Reviewed
• AAR
• DCAT
• Scope of Review
• No detailed calculations
• Controls
• Procedures

PC 5 Auditors Work / Actuarys Opinion
8
CIA Annual Meeting Ÿ Assemblée annuelle de lICA

• External Review
• Qualifications of External Reviewer
• Same as AA
• Sufficient experience
• Related to business of company
• Independent
• Company
• AA
• May be External Auditor

PC 5 Auditors Work / Actuarys Opinion
9
CIA Annual Meeting Ÿ Assemblée annuelle de lICA

• External Review
• New Reviewer
• Every 6 years
• Report
• Written
• Description of agreed changes
• Current report
• Future report
• Unresolved Issues
• Presented to Audit Committee
• Available to OSFI

PC 5 Auditors Work / Actuarys Opinion
10
CIA Annual Meeting Ÿ Assemblée annuelle de lICA

• External Audit vs External Review
• External Review
• Controls
• Procedures
• Assumptions
• Documentation
• External Audit
• Detailed Calculations
• Results

PC 5 Auditors Work / Actuarys Opinion