Auditor Support and M&A Consulting Services

As an independent auditor, you have an in-depth understanding of professional accounting policies. But, are you fluent in the language of "actuarial"? At Lewis & Ellis, our team of Actuarial Experts stands ready to bolster your audit projects in a multitude of areas, providing specialized insights into insurance reserves, pension liabilities, risk assessment, and financial modeling.

With our deep industry expertise and data-driven approach, we help bridge the gap between accounting and actuarial science. This ensures accuracy, compliance, and a comprehensive evaluation of tax return information and financial documents.

Expert Auditor Support for Mergers and Acquisitions

When it comes to mergers and acquisitions (M&A), auditor support offers specialized assistance through the transaction process to ensure financial reporting accuracy, regulatory compliance, and risk assessment. At Lewis & Ellis, our actuarial experts work alongside auditors to provide critical insights into policy reserves, claims liabilities, and financial projections, helping ensure a smooth and well-informed M&A process.

Whether you need assistance with fair value assessments, regulatory filings, or financial modeling, our team enhances audit projects with deep actuarial expertise tailored to your needs.

Our Audit Support Services

By partnering with our team of experienced audit specialists, you receive the following support:

Actuarial Reviews and Validation for Audits

At Lewis & Ellis, we provide in-depth actuarial procedures, including reviews and validations to support audit processes, ensuring the accuracy of every financial statement and compliance with industry standards. Our expertise helps auditors navigate complex actuarial methodologies with confidence.

Regulatory and Compliance Support

We assist auditors in meeting regulatory requirements by evaluating actuarial reserves, financial models, and insurance liabilities. Our team stays up to date with evolving regulations to help ensure compliance with state, federal, and industry-specific guidelines.

Risk Assessments and Reserve Analysis

Our experts conduct thorough risk assessments and reserve analyses to identify financial exposures and validate reserve adequacy. By leveraging actuarial insights, we help auditors assess potential risks and ensure financial stability for their clients.

Industries We Serve

Health Insurance

At Lewis & Ellis, we excel at establishing comprehensive liabilities for an expansive range of accident and health (A&H) products. Our expertise extends across diverse health insurance policies such as:

● Hospital-surgical plans
● Managed care models
● Major medical insurance
● Short-term and long-term disability covers
● Medicare supplement plans
● Long-term care insurance
● Critical illness policies

Our seasoned experts conduct thorough evaluations and perform independent calculations of all claim liabilities, claim reserves, and policy reserves. By leveraging our deep understanding of the actuarial principles and regulatory standards, we diligently verify that the audited entity’s records adhere to all mandatory requirements.

Life Insurance

Actuaries are adept at verifying that the reserves maintained by a life insurance entity are sufficiently robust to fulfill future obligations when due. We bring extensive experience and deep knowledge of a wide array of life insurance products to the table, further enriching the quality of our actuarial reviews.

Lewis & Ellis’s familiarity spans various life insurance policies, ranging from final expense/pre-need coverages that cater to end-of-life expenses to high face amount level term insurance that provides substantial coverage for a specified period. We also handle complex policies, like universal life contracts, which offer flexible premiums, adjustable death benefits, and an interest-bearing cash value component.

Leveraging our profound understanding of these diverse insurance products, we provide meticulous evaluations to ensure that the reserves are adequate. Our auditors make certain that our examinations are in line with actuarial standards of practice, industry norms, and the unique contractual terms of each policy. Through our comprehensive audit support, we aim to lend credibility to your life insurance audits, enhancing their precision and reliability.

Pensions

When it comes to pensions, we help you assess whether your client’s estimate of their future benefit liabilities is accurate. L&E's team of actuaries are deeply versed in FASB Statements 87, 88, 112, 132(R), and 158 — a crucial expertise in the pension audit process. Our support can be as extensive or as specific as your review scope requires, ranging from reviewing and testing the plan actuary's methodologies and assumptions to undertaking a comprehensive replication of the valuation. Trust our pension actuarial review services to navigate through this critical area with precision and confidence.

Property and Casualty Insurance

In the intricate world of property and casualty (P&C) insurance, our role involves reviewing the loss and loss adjustment reserves established by the audited entity. L&E's experienced actuaries, with a solid foundation in insurance loss reserves audits, offer invaluable support in this area. We draw from our extensive experience in aiding state insurance departments with their financial documents examinations and estimating loss reserves for numerous insurance companies and self-insured corporations. Rest assured, our actuarial insight and support make the complex world of P&C insurance auditing a breeze.

Get Expert Help With Auditor Support and M&A Consulting

With Lewis and Ellis by your side, your company will be able to understand the ins and outs of an external audit, preparing you for the process and aiding throughout. We’ll also help your team clearly identify key audit issues that may arise and be in a position to address those issues promptly.

Contact our team to work with actuarial experts today.

Audit Support Services FAQs

Why outsource audit support services?

Health insurance, life insurance, pension, and P&C companies should consider outsourcing their audit support functions to gain an independent, objective assessment of their financial reporting, performance metrics, and underlying data. Engaging third-party auditors to conduct reconciliations provides an unbiased perspective on financial documentation and modeling, ultimately enhancing accountability, transparency, and stakeholder confidence.

Why is auditor support important?

Auditor support plays a critical role in the insurance and financial services industries by safeguarding the financial health and stability of companies — the very foundation customers depend on when purchasing all-important insurance products. Ultimately, thorough audit services help ensure that companies remain solvent both in the short and long term, allowing them to meet their obligations and pay claims to policyholders with confidence and transparency.

How can companies benefit from auditor support services?

Lewis & Ellis provides external auditors support that’s both thorough and efficient. Our team understands the importance of materiality when performing an audit and will focus on the actuarial items with the most impactful results. When companies partner with us, they receive expert assistance from specialists who understand all types of insurance and product lines, performing checks on companies with multiple lines of business across health, life, P&C, and more.