Relevant Comments (Purpose)
in COPLFR.SAO
What would be some different examples of intended purpose of the SAO? Why would the purpose change or differ from year to year or company to company?
Comments
Here are some intended purposes of the SAO:
Typically, the primary intended users of an insurance company's financial statements and actuarial opinions remain consistent from year to year. These primary intended users include regulators, investors, auditors, and company management. However, there can be scenarios where there might be a shift or addition in the intended audience:
In the COPLR text, intended users & purpose is included in the Relevant Comments section but in the Odomirok, it's mentioned in the Identification s
ection. Is it included in both?
This is discussed in the ASOP.36 wiki article under the heading: One Small Point:
Yes, I took a look so it. But COPLR makes reference to ASOP36 note about intended users and purpose under the Relevant comments section.
If this comes up on the exam, I would write, "According to ASOP 36, intended users should be listed the identification section."
Thanks!