Role of AA
Is the role of AA to perform the valuation of the policy liabilities, or to review the company's valuation?
I'm confused as the wiki articles seems to say AA does both. It also refers to the company's actuaries as the ones that perform the valuation (not AA) and the AA as the one that reviews
Comments
nvm I just realized both the company & AA perform separate valuations and if the company's valuation is much lower based on materiality standard then AA would sign a qualified opinion