Minimize the audit risks for you and your client.
- Have you assessed the risk involved in reviewing actuarial reports and relying exclusively on the specialist that produced the report?
- What effect would it have on your audit if the liabilities or expense were valued with inappropriate assumptions, causing the results in a future year to vary dramatically?
- Does the actuary that produced the report walk you through the complexities of the rules so that you thoroughly understand how they impact your client and you as the auditor?
- Are you familiar with how assumptions are set for pension and Other Post-Employment Benefit (“OPEB”) plans?
- How do you explain Financial Accounting Standards Board accounting rules related to your clients’ financial statements?
- How have the Governmental Accounting Standards Board No. 43 and No. 45 (GASB 43 and GASB 45) accounting rules affected your clients’ financial statements?