Early engagement with auditors should be a vital part of the IFRS 17 implementation process for insurers, experts at InsuranceERM’s IFRS 17 conference next week will explain.
The in-person conference will take place on Wednesday, 29 March, at Grocers’ Hall in London.
Panellists at the event will discuss the importance of effective and regular communication on the insurance contracts accounting standard for insurers and auditors.
This will allow insurer and audit firm attendees to benchmark their own progress on IFRS 17, which came into force on 1 January.
InsuranceERM spoke to the panellists in preparation for the event and was told “there are different flashpoints” on the audit journey for IFRS 17.
One participant said auditors are struggling with their own methodologies for IFRS 17 and alignment between audit firms on the standard can be an issue. Another panellist said it is expected auditors and insurers will not be fully aligned as IFRS 17 beds in, and this year “will be choppy”.
To view the IFRS 17 conference agenda and register to attend, please click here.