PracticeAuditEquitable Life under investigation again

Equitable Life under investigation again

Financial statements to be examined

The actuarial arm of the accounting watchdog has launched an investigation
into the troubled Equitable Life Assurance Society.

The Accountancy and Actuarial Discipline Board (AADB) is looking into
financial statements for the three years leading up to 2000.

The world’s oldest mutual insurer, set up in 1762, had its balance sheet
decimated by a costly and lengthy legal action against accounting firm Ernst
& Young and a series of costly crises which forced it to close its doors to
new business in December, 2000.

In November, the organisation said it had plans to hold all policies until
maturity.

The AADB said the scope of its investigation included:

“The conduct of a Member in relation to the audits of the 1997, 1998 and 1999
financial statements of Equitable Life Assurance Society. The provision by a
member of information for use by the Financial Reporting Review Panel relating
to the financial statements of Equitable Life Assurance Society in 1999,” the
statements said.

Read the full AADB
statement:AADB
investigating actuary in relation to Equitable Life

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