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Testing the safety net: insurance audit and PN20

Moore Stephens insurance sector partner Tom Reed examines Practice Note 20 which refreshes rules around materiality and reporting under Solvency II following withdrawal of Practice Note 24

On 1 February 2017, the Financial Reporting Council (FRC) issued a revised Practice Note 20: The Audit of Insurers in the UK (PN20) and at the same time withdrew Practice Note 24: The Audit of Friendly Societies in the UK (PN24). The material covered by PN24 is now included in the revised PN20.

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