The commencement of IFRS 17 in 2021 will represent a significant change in terms of the presentation and interpretation of financial statements for many insurance companies. Given its scale, significance and complexity, IFRS 17 implementation is more than just an accounting change. As programme delivery is fast approaching, it is paramount that Internal Audit functions are proactive in providing assurance over how the programme is governed, managed and executed.

During this final stretch of preparations, Internal Audit functions can use KPMG’s IFRS 17 Assurance Framework as a blueprint and checklist to provide programme assurance and to opine on their organisation’s IFRS 17 implementation readiness. This framework is founded in KPMG’s extensive experience on advising our clients on IFRS 17 implementation. Through this work, we understand the extent of changes required and the importance of proper process and controls in place for ongoing compliance. KPMG has identified four key layers to focus Internal Audit’s work on the programme’s key risks/areas when providing assurance.