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§§ 12.1-13 and 38.2-223 of the Code of Virginia.ĭerived from Regulation 39, Case No. Consideration shall be given to the procedures illustrated in the Financial Condition Examiners Handbook promulgated by the NAIC as the accountant deems necessary. AICPA GENERALLY ACCEPTED AUDITING STANDARDS PROFESSIONALTo the extent required by AU-C Section 315, for those insurers required to file a Management's Report of Internal Control over Financial Reporting pursuant to 14VAC5-270-148, the accountant should consider (as the term should consider is defined in AU-C Section 200 of the AICPA Professional Standards, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards) the most recently available report in planning and performing the audit of the statutory financial statements. Auditing Standards - AICPA Clarified (AU-C) Section 315 of the AICPA Professional Standards, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, the accountant shall obtain an understanding of internal control sufficient to plan the audit. The audit of the insurer's financial statements shall be conducted in accordance with generally accepted auditing standards. Scope of audit and report of independent certified public accountant.įinancial statements furnished pursuant to 14VAC5-270-60 shall be examined by an accountant. 141 delays the effective date to December 15, 2021, and the Auditing Standards Board recommends that SAS Nos. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements (SAS No. 135, Omnibus Statement on Auditing Standards – 2019 (SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (SAS No. 137, The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports (SAS No. ![]() 138, Amendments to the Description of the Concept of Materiality (SAS No. ![]() 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. ![]() 140, Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes From SAS Nos. 141, Amendment to the Effective Dates of SAS Nos. 143, Auditing Accounting Estimates and Related Disclosures 144, Amendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement ![]()
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