Insurance carriers within the EU are now classified as Public Interest Entities (PIEs) for audit purposes. This means that in the UK you need to tender your audit at least every 10 years and change your audit firm at least every 20 years, while your audit partner needs to be rotated at least every five years.
Of potentially greater immediate concern are the more onerous restrictions that have also been introduced on what non-audit services your auditors can provide. As a result, many insurers that use their auditors for tax services will need to change who provides their tax advice and manages their ongoing tax compliance obligations across all UK taxes (including Corporation Tax, VAT, and payroll).
PKF Littlejohn has been a trusted adviser to the UK insurance sector for over 100 years and has one of the largest teams of insurance industry experts within the accountancy profession.
We are here to help if you need to reconsider your service providers as a result of the new PIE regime.
We provide external audit, internal audit, tax and other advisory services to a wide range of insurers, from large Lloyd’s entities to small mutual insurers across most classes of non-life business. We also work closely with numerous insurance intermediaries and managing general agents.
In addition, our membership of PKF International, the eleventh largest network of accounting and business advisory firms, gives our clients access to insurance specialists in all the major insurance markets around the world.
For more detail on how PKF Littlejohn can support your business and manage your tax obligations, please do not hesitate to contact us or download some of our recent publications.