Audit of AASB 17 – Getting set up for success
Understanding the key steps and activities required to ensure you are AASB 17 audit ready
The adoption date of the new financial reporting standard for insurance contracts (AASB 17) is imminent. As insurers start entering the home stretch, we expect to see engagement with external audit ramp up significantly.
Management need to take steps to ensure that documentation and evidence of implementation and transition activities, as well as new processes and controls to address new risks and changes to financial reporting meet your first line of defence requirements within the enterprise risk framework and governance processes and ultimately stand up to external audit scrutiny.Ensuring a robust readiness plan is implemented, documented and tested will mitigate the pervasive nature of AASB 17 and ultimately contribute to an efficient audit through management taking ownership and accountability for enhancements imposed by the new financial reporting requirements.
In this webinar, we outline key imperatives, insights and recommendations to ensure your business is set up for success. The webinar will provide some valuable perspectives on areas most likely to increase risk of material misstatement under the application of AASB 17 and what management can do in the interim to mitigate these risks as part of a progressive assurance process ahead of the first AASB 17 Financial Statement audit.Audit of AASB 17 – Getting set up for success
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