September 14, 2023
The Evolution of Auditing Insurance Company Loss Reserves
Johnson Lambert LLP is dedicated to keeping you informed on the impact of upcoming auditing standards. The AICPA released updates applicable to audits of financial statements for periods ending on or after December 15, 2023, including but not limited to:
- SAS 143 – Auditing Accounting Estimates and Related Disclosures; and
- SAS 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
This white paper illustrates the impacts to the most significant estimate on an insurance company’s balance sheet: the actuarial loss reserve estimate. We will take a closer look at the intersection of the loss reserve estimate and these new auditing standards.
If you have any questions about this white paper, contact the Johnson Lambert team.