The Joint Policy Statement (JPS) sets out communication principles between auditors and actuaries to facilitate and promote communications between the two professionals. The JPS was first issued in 2007. Over the years, practices relating to the audit of amounts determined using actuarial calculations have evolved.
In September 2021, the Auditing and Assurance Standards Board (AASB) approved a joint project with the Canadian Actuarial Standards Board (ASB) to consider what changes are necessary for the JPS to continue to be appropriate in the current environment.
On January 25, 2022, the ASB issued a notice of intent. In June 2022, the AASB and the ASB issued a joint exposure draft of the revised JPS (ED-JPS). The ED-JPS was developed with the assistance of the JPS Joint Task Force, which consists of representatives from the actuarial profession, international public accounting firms, legislative auditor and an AASB member. Three written responses to ED-JPS were submitted to the AASB and two written responses were submitted to the ASB. In addition, the AASB heard from six participants at a virtual roundtable session.
The AASB approved the revised JPS at its meeting in November 2022.