Actuarial letters to audit firms
Published: 25 September 2023
1 minute read
The FRC has sent letters relevant to actuaries, and those using actuarial experts in performing audit work. These “Dear audit partner” letters have been sent to the Insurance Business Unit leaders at the largest eight audit firms in the UK.
| Name | Preparedness for insurance audits under IFRS 17 |
|---|---|
| Publication date | 8 December 2022 |
| Notes | IFRS 17 is effective for annual reporting periods beginning on or after 1 January 2023, replacing the interim standard IFRS 4. The key findings from our review of firms’ preparedness for IFRS 17 are summarised in this letter. |
| Format | PDF, 121.9 KB |
| Name | Feedback on the actuarial aspects of insurance entity audits (2022) |
| Publication date | 18 May 2022 |
| Notes | In performing audits for insurers, actuarial specialists or experts are routinely utilised to advise audit engagement leaders on actuarial matters in relation to the audit of the financial statements. Based on recent experience from conducting AQR inspections across various audit firms, this sets out a number of areas where further attention may be needed. |
| Format | PDF, 250.7 KB |
| Name | Feedback on the actuarial aspects of insurance entity audits (2021) |
| Publication date | 10 September 2021 |
| Notes | In performing audits for insurers, actuarial specialists or experts are routinely utilised to advise audit engagement leaders on actuarial matters in relation to the audit of the financial statements. Based on recent experience from conducting AQR inspections across various audit firms, this sets out a number of areas where further attention may be needed. |
| Format | PDF, 115.7 KB |