CIA Annual Meeting Assemblée annuelle de l’ICA June 29 & 30, 2006  Les 29 et 30 juin 2006 Ottawa, Ontario David Oakden PC – 5 Auditor’s Work / Actuary’s Opinion

CIA Annual Meeting  Assemblée annuelle de l’ICA E – 15 Outline Appointment Role and Duties Qualifications External Review External Audit vs ER PC – 5 Auditor’s Work / Actuary’s Opinion

CIA Annual Meeting  Assemblée annuelle de l’ICA Appointment Not CEO, COO or CFO Notify OSFI in writing Directors may revoke appointment –AA must submit letter explaining reasons –New AA must review letter PC – 5 Auditor’s Work / Actuary’s Opinion

CIA Annual Meeting  Assemblée annuelle de l’ICA Role and Duties Annual Valuation (AAR) Financial Condition (DCAT) – Three years – Include actual experience Report to Directors/Audit Committee Adverse Condition Report – If necessary PC – 5 Auditor’s Work / Actuary’s Opinion

CIA Annual Meeting  Assemblée annuelle de l’ICA Qualifications Canadian Experience – 3 years in last 6 CPD up to Date AA Certificate No Public Discipline PC – 5 Auditor’s Work / Actuary’s Opinion

CIA Annual Meeting  Assemblée annuelle de l’ICA External Review Objectives – Confidence – Narrowing range – Quality – Educational PC – 5 Auditor’s Work / Actuary’s Opinion

CIA Annual Meeting  Assemblée annuelle de l’ICA External Review Work to be Reviewed – AAR – DCAT Scope of Review – No detailed calculations – Controls – Procedures PC – 5 Auditor’s Work / Actuary’s Opinion

CIA Annual Meeting  Assemblée annuelle de l’ICA External Review Qualifications of External Reviewer – Same as AA – Sufficient experience Related to business of company – Independent Company AA – May be External Auditor PC – 5 Auditor’s Work / Actuary’s Opinion

CIA Annual Meeting  Assemblée annuelle de l’ICA External Review New Reviewer – Every 6 years Report – Written Description of agreed changes – Current report – Future report Unresolved Issues – Presented to Audit Committee – Available to OSFI PC – 5 Auditor’s Work / Actuary’s Opinion

CIA Annual Meeting  Assemblée annuelle de l’ICA External Audit vs External Review External Review – Controls – Procedures – Assumptions – Documentation External Audit – Detailed Calculations – Results PC – 5 Auditor’s Work / Actuary’s Opinion