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GPPC issues paper related to the auditor’s response to the risks of material misstatements arising from estimates made in applying IFRS 17

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30 Jul 2021

The Global Public Policy Committee (GPPC) have issued a paper designed to provide guidance primarily to those charged with governance on their oversight role of the external auditors and in assessing the effectiveness of the external auditor’s response.

The paper, The Auditor’s Response to the Risks of Material Misstatement arising from estimates made in applying IFRS 17 Insurance Contracts, focuses on the auditor’s approach to auditing estimates and associated judgements made in the application of IFRS 17, taking into account the requirements set forth by the relevant International Standards on Auditing (ISA’s).

In February 2020 two papers have already been issued by the GPPC related to implementation considerations for IFRS 17.

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