HC-3.3.8 [versions up to January 2011]

The CBB would expect to see in place a formal audit plan that:

(a) Is reviewed and approved at least annually by the Audit Committee or, where none exists, the Board;
(b) Is risk-based, with an appropriate scoring system; and
(c) Covers all material areas of a licensee's operations over a reasonable timescale, including (where relevant) the process by which a licensee obtains professional actuarial expertise to develop and verify its pricing and reserving policies.
Amended: January 2007