Modern business runs on data


When performing international audit for the first time, one shall analyze the data of company's activities for the last 3-4 years. Therefore, for a smooth transition to IFRS a preparatory period is required, during which accounting policies and information systems of the company shall be improved.

Having considerable experience of cooperation with “big four” auditors, The Risk Institute assists insurance companies to gradually prepare for international audit and form appropriate accounting policies prior to the audit.

For companies that regularly pass international audit, the Risk Institute conducts actuarial evaluations necessary under IFRS. Also, in the dialogue with the auditors, the experts of the Risk Institute represent the interests of the company in order to confirm the financial result, which is transparent to management and shareholders.

Experience in cooperation with the “big four” auditors illustrates that foreign actuaries do not fully take into account the specific features and trends of the Ukrainian market when evaluating key performance indicators of companies. If an actuarial assessment was calculated considering special offers, it shall be justified to the auditors. Otherwise, the company will have to agree to a compromised assessment which can significantly distort its financial performance and investment attractiveness.

The methods developed by the Risk Institute are arranged with the auditors and take into account both specifics of the company's portfolio structure and trends of each separate type of insurance. This methodology significantly increases reliability of the results.

Participation of the Risk Institute in the process of transition to IFRS and preparation of reporting in accordance with them, allow your company to achieve transparency of the financial information understandable to management and shareholders and confirmed by international audit.