PKF Malta is planning to service the insurance industry and is ready to provide internal audit services according to the requirements of Solvency II. To be absolutely prepared to provide external audit services for insurers, designated personnel attended a training session at LittleJohn Chartered Accountants in the London affiliate office in October, 2014. The team was represented by Mrs. Donna Greaves, Partner who will be heading the new assurance department and Ms. Tiziana Gauci, Assistant Audit Manager. Both participated in lectures whose main objective was to understand the complexity of the subject and interaction between pricing and risk exposure; the importance of pricing; different ways that risks are priced; on how pricing relates to day-to-day operations; why exposure management is important; the link between the capital and exposure and broad methodologies for calculating exposure. Sessions covered topics such as understanding the objectives of a systems audit of insurance entity; how a system audit is performed; understanding the key systems, risk and controls; how to perform audit tests on key systems, risk and control.

PKF Malta is optimistic about the future of the insurance industry in Malta and hopes that once its staff attend training sessions, this will be an ongoing investment to provide future insurance services.