FRC warns auditors to exercise more scepticism on insurer statements
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FRC warns auditors to exercise more scepticism on insurer statements

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The Financial Reporting Council (FRC) has written to the eight largest audit firms in the UK warning it has found evidence where audits of insurers’ financial statements have not been rigorous enough.

In the letter, regulatory standards executive director Mark Babington said external auditors were “not as effective as they needed to be” in terms of challenging the actuarial work carried out by carriers themselves.

He

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