31 Pa. Code § 147.8 - Scope of audit and report of independent certified public accountant

Current through Register Vol. 52, No. 16, April 16, 2022

(a) The annual financial statements filed by an insurer with the Department shall be audited by an independent certified public accountant. The audit of the financial statements of the insurer shall be conducted in accordance with generally accepted auditing standards.
(b) The scope of the audit and data testing procedures shall be conducted as required by the appropriate Annual Statement Instructions adopted by the NAIC. Consideration shall also be given to other procedures in the Financial Condition Examiner's Handbook adopted by the NAIC. The independent certified public accountant shall obtain an understanding of internal control sufficient to plan the audit in accordance with AU Section 319 of the Porfessional Standards of the American Institute of Certified Public Accountants, Consideration of Internal Control in a Financial Statement Audit (AU 319). To the extent required by AU 319 and as part of the independent certified public accountant's professional requirements defined in Statement on Auditing Standards (SAS) No. 102, Defining Professional Requirements in Statements on Auditing Standards or its replacement, the independent certified public accountant shall consider the most recently available Management's Report of Internal Control over Financial Reporting, as required under § 147.9b, in planning and performing the audit of an insurer's statutory financial statements.
(c) Subsection (b) does not apply to continuing care providers.
(d) The Commissioner may prescribe that additional auditing procedures be observed by the independent certified public accountant in the audit of the financial statements of insurers under this chapter.


31 Pa. Code § 147.8

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