Insurance Reporting and Audit Training Course

Duration 5 days 10 modules · 33 contact hours
Level Intermediate Certificate on completion
Who attends Financial Reporting Managers, Internal Auditors and others
Fee from USD 1,100 KSh 95,000 for Kenyan organisations
Where 52 cities + online See dates by city
Next start 16 Nov 2026 Course code SD-A-122

Before you join: This intermediate course assumes familiarity with financial statements, accounting close processes and basic audit concepts such as materiality, assertions and audit evidence.

Dates & prices

Two start dates a month in every city, and live online on weekdays or weekends. Fees are per participant; classroom fees include tuition, materials, lunch and refreshments, and the certificate.

Suggest a date or city

Showing the next six months. Later dates, other cities and private deliveries for your team are available on request.

Course overview

Insurance companies must translate policy, claims, reinsurance, investment and actuarial data into financial statements, regulatory returns and audit evidence that can withstand scrutiny. IFRS 17 has increased the volume of reconciliations, judgement papers and disclosure requirements, while auditors must assess complex estimates, systems interfaces and controls over data used in reporting. Errors can affect reported profit, capital adequacy, audit opinions, regulator submissions and board confidence.

This course examines the reporting and audit requirements that apply to insurance entities. Participants work through IFRS 17 measurement and presentation, IFRS 9 investment accounting, financial statement disclosures, prudential reporting, solvency and capital information, and the audit of insurance-specific balances. The course also addresses audit planning under the International Standards on Auditing, controls over underwriting and claims processes, actuarial estimates, substantive procedures, audit sampling, audit reporting and communication with audit committees.

Teaching combines concise technical briefings with insurance reporting cases, financial statement extracts, audit workpapers, control scenarios and group analysis. Participants assess reporting judgements, trace information from source systems to the general ledger, identify audit risks and build evidence-based responses. They leave with a reusable insurance reporting-and-audit workpaper pack containing reporting checklists, risk-and-control matrices, estimate review prompts and audit planning materials.

The course suits finance, reporting, audit, risk and actuarial professionals working for insurers, reinsurers, regulators, audit firms and insurance groups. It is particularly useful for staff moving into roles involving IFRS 17 reporting, statutory accounts, prudential submissions or audits of insurance entities.

What you will be able to do

  • Interpret IFRS 17 measurement, presentation and disclosure requirements for insurance contracts
  • Prepare reporting reconciliations between actuarial outputs, subledgers and general ledger balances
  • Assess IFRS 9 classification, impairment and fair-value reporting for insurer investments
  • Map statutory, prudential and IFRS reporting requirements using a reporting architecture
  • Develop an ISA 315-based audit risk assessment for insurance reporting processes
  • Test insurance controls over premiums, claims, reinsurance, investments and reporting systems
  • Challenge actuarial estimates using ISA 540 procedures, sensitivities and back-testing evidence
  • Draft audit findings, audit committee communications and remediation actions for insurance engagements

Benefits of attending

For you

  • Apply IFRS 17 requirements to reporting decisions and disclosure preparation
  • Review actuarial reconciliations with clearer challenge questions and evidence expectations
  • Plan insurance audit procedures around actual reporting risks and account assertions
  • Identify control weaknesses across premiums, claims, reinsurance and investment processes
  • Produce clearer audit findings and reporting issue papers for senior stakeholders

For your organisation

  • Improves traceability between actuarial outputs, source systems and financial statements
  • Reduces reporting errors through stronger close controls and reconciliation discipline
  • Strengthens audit readiness for complex insurance estimates and IFRS 17 disclosures
  • Supports more reliable prudential returns, capital reporting and governance evidence
  • Creates a shared reporting and audit vocabulary across finance, actuarial and assurance teams

Course modules

10 modules over 5 days

Participants can map the reporting framework, governance arrangements and evidence needed for insurance financial reporting.

  • Purpose and users of general-purpose financial statements under IAS 1
  • Insurance entity reporting perimeter: subsidiaries, branches, funds and participating business
  • IFRS Accounting Standards, prudential returns and statutory accounts reconciled
  • Materiality judgements documented for financial statements, notes and regulatory submissions
  • Close calendar linking actuarial valuation, ledger close, disclosures and audit evidence
  • Control ownership assigned through RACI matrices and reporting timetables

Participants can explain and assess IFRS 17 measurement approaches for insurance and reinsurance contracts.

  • IFRS 17 scope, contract boundaries and separation of components
  • General Measurement Model cash flows, discounting and risk adjustment mechanics
  • Contractual Service Margin roll-forward from initial recognition through revenue release
  • Variable Fee Approach eligibility, underlying items and CSM changes
  • Premium Allocation Approach suitability, liability measurement and onerous contract testing
  • Reinsurance held measurement, loss-recovery component and presentation differences

Participants can assess the accounting close process for IFRS 17 balances and movements.

  • Actuarial assumptions traced from models into accounting estimates and journals
  • Discount rates, risk adjustment and CSM reconciliations investigated
  • Experience adjustments distinguished from assumption changes under IFRS 17
  • Onerous groups identified, loss components recorded and subsequent recoveries tracked
  • Journal-entry maps connect subledgers, actuarial engines and general ledger
  • Close reconciliations resolve policy data, claims data and ledger balances

Participants can review insurer financial statements and disclosures against applicable reporting requirements.

  • IAS 1 presentation requirements for insurer primary financial statements
  • IFRS 17 disclosure objectives, reconciliations and maturity-analysis requirements
  • Insurance revenue and service expense separated from investment components
  • IFRS 9 classification, impairment and fair-value disclosures for investments
  • IAS 7 cash-flow classification for insurance contracts and investment activities
  • Notes cross-referenced to source schedules, valuation reports and governance papers

Participants can connect financial reporting information with prudential returns and capital reporting requirements.

  • Solvency II pillars, own funds and solvency capital requirement
  • Local statutory reporting mapped against IFRS and prudential data definitions
  • Own Risk and Solvency Assessment outputs reconciled to reported risks
  • Capital adequacy movements explained through underwriting, market and operational drivers
  • Regulatory return governance covers validation, sign-off and submission evidence
  • Management reporting distinguishes accounting profit, regulatory capital and liquidity

Participants can develop a risk-based audit strategy for insurance financial reporting engagements.

  • ISA 315 risk assessment tailored to insurance business processes
  • Materiality benchmarks selected using premiums, equity, profit and regulatory capital
  • Fraud risks assessed under ISA 240, including management override
  • Risk-and-control matrices link assertions, risks, controls and audit responses
  • Information-technology dependencies assessed across policy, claims and investment systems
  • Audit strategy documents specialists, component auditors and reporting milestones

Participants can evaluate key controls across insurance operations, systems and financial reporting.

  • Walkthroughs trace premiums from policy issuance through cash and ledger
  • Claims controls test authorisation, reserving changes, payments and recoveries
  • Investment controls address trade capture, valuation feeds and custody reconciliations
  • Reinsurance controls verify treaty terms, bordereaux and counterparty balances
  • IT general controls cover access, changes, interfaces and batch processing
  • Control deficiencies evaluated using severity, compensating controls and remediation dates

Participants can challenge insurance accounting estimates and assess the evidence supporting actuarial judgements.

  • ISA 540 revised requirements applied to complex insurance accounting estimates
  • Claims reserve triangles assessed using development patterns and selected assumptions
  • Actuarial methods challenged through back-testing, sensitivity analysis and benchmarking
  • Discount curves tested against observable market data and model governance
  • Risk adjustment and CSM inputs reconciled to approved methodologies
  • Management bias indicators assessed from changes, overlays and prior estimates

Participants can design substantive procedures for significant insurance balances, transactions and disclosures.

  • Substantive procedures address premiums, claims, reinsurance and investment income
  • Analytical procedures develop expectations using loss ratios and claim frequencies
  • Confirmations and alternative procedures test reinsurer balances and investments
  • Data analytics identifies unusual claims payments, lapse trends and journal entries
  • Audit sampling applies ISA 530 populations, selection methods and evaluation
  • Subsequent-events testing considers claims development, investments and regulatory actions

Participants can evaluate audit results, communicate findings and plan reporting and control improvements.

  • Misstatements accumulated, evaluated and communicated under ISA 450
  • Going-concern evidence assesses liquidity, reinsurance recoverables and capital forecasts
  • ISA 700 reporting forms linked to financial statement conclusions
  • Key Audit Matters determined and drafted under ISA 701
  • Audit committee communications cover significant risks, judgements and control deficiencies
  • Remediation plans assign owners, evidence, milestones and monitoring measures
  • Individual application plans prioritise reporting issues, audit actions and stakeholders

Exercises and examples are adapted to each cohort's sectors and roles.

What you take back to work

  1. IFRS 17 reporting reconciliation template
  2. Insurance reporting close checklist
  3. Insurance audit risk-and-control matrix
  4. Actuarial estimate review checklist
  5. Prudential reporting governance map
  6. Audit findings and remediation action plan

Who should attend

  • Financial Reporting Managers — responsible for insurer financial statements, notes and close reconciliations
  • Internal Auditors — assessing controls over policy, claims, actuarial and reporting processes
  • External Auditors — planning and performing audits of insurance entities and groups
  • Finance Managers — overseeing IFRS 17 journals, ledger integrity and management reporting
  • Actuarial Analysts — supplying valuation outputs and evidence supporting accounting estimates
  • Risk and Compliance Managers — monitoring prudential submissions, capital reporting and governance

Skills and tools covered

IFRS 17 reportingInsurance audit planningActuarial estimate testingPrudential reporting controlsClaims reserve auditingAudit evidence evaluation

Tools and standards

IFRS 17 Insurance Contracts, IFRS 9 Financial Instruments, ISA 315 (Revised 2019), ISA 540 (Revised)

How the course runs

Training methodology

The course uses short technical briefings followed by insurance reporting cases, financial statement extracts, actuarial estimate reviews and audit planning scenarios. Participants analyse reporting judgements, construct risk-and-control matrices, assess audit evidence and discuss findings with peers. Simulations address claims reserve testing, reinsurance balances, investment valuation and audit committee communication. The instructor links each activity to reporting deadlines, audit documentation and regulatory expectations. Participants finish by identifying actions for their own reporting or assurance responsibilities.

Requirements and prerequisites

This intermediate course assumes familiarity with financial statements, accounting close processes and basic audit concepts such as materiality, assertions and audit evidence. Participants should understand the core activities of an insurer, including underwriting, claims, reinsurance and investments. Prior exposure to IFRS or local accounting standards is helpful, although detailed IFRS 17 knowledge is not required. Participants do not need actuarial qualifications, audit firm experience, programming skills or prior use of specialist insurance accounting systems. The course explains the reporting and audit implications of actuarial information without requiring participants to build actuarial models.

A typical training day

08:30 – 10:30First session
10:30 – 10:45Refreshment break
10:45 – 12:30Second session
12:30 – 13:30Lunch and networking
13:30 – 15:00Third session
15:00 – 15:15Refreshment break
15:15 – 16:30Workshop and daily review

Live online deliveries follow the same structure in East Africa Time, with shorter screen blocks and longer breaks.

What the fee includes

  • Instruction by a practitioner facilitator
  • Full course workbook and materials
  • Exercise files, templates and case studies
  • Refreshments and lunch on classroom deliveries
  • Certificate of completion
  • Post-course application plan

Frequently asked questions

You should understand basic financial statements, accounting close activities and core audit concepts. Familiarity with insurance operations is expected, but you do not need detailed IFRS 17 or actuarial modelling experience.

Bring a laptop if possible, along with examples of reporting questions or audit issues you face. Do not bring confidential policyholder data, client files or restricted actuarial models.

It is designed for finance, reporting, audit, risk, compliance and actuarial professionals working with insurers or reinsurers. It also suits regulatory staff and audit professionals beginning insurance-sector assignments.

An IFRS 17 implementation course focuses mainly on building accounting policies, systems and transition arrangements. This course addresses ongoing financial reporting, disclosure, prudential reporting, audit planning, controls and audit evidence.

Participants can use the reporting checklists, reconciliation template and audit risk-and-control matrix during reporting closes and audit planning. The methods also support reviews of actuarial outputs, claims reserves, reinsurance balances and disclosure notes.

The course provides about 32.5 contact hours, running from 08:30 to 16:30 each day with scheduled breaks. Time is allocated across reporting standards, insurance processes, prudential requirements, audit methods, estimate testing and reporting conclusions.

Questions about this course?

Ask about dates, fees, group bookings or running it for your team. Our training team replies by email.

Ask on WhatsApp info@skillsetdevelopment.com

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