Question about the opinion of the AA
From the boot camp, the final opinion concerns part of the FS that require DISCRETION. If the FS are publicly available, what sort of scenarios would the AA need to be discrete about regarding the FS?
Thank you!
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From the boot camp, the final opinion concerns part of the FS that require DISCRETION. If the FS are publicly available, what sort of scenarios would the AA need to be discrete about regarding the FS?
Thank you!
Comments
Just going back to the paper, it is said that "OSFI also expects an opinion signed by the AA and a memorandum, both covering the areas where the calculation required discretion or where significant technical calculations, methodologies and judgements were applied."
As an example, the AA will need to ensure that the assumptions/methods used in the valuation of policy liabilities are in accordance with AAP (accepted actuarial practice).
Here, discretion/judgment may need to be used, for example, in selecting assumptions that are appropriate to the circumstances of the company?
Thanks Javid