Abstract
Gaining an understanding of the business and accounting processes of the insurers concerned is a key element of the complex, high‐risk external audits1 of listed South African long‐term insurers. In this empirical study, the value chain concept developed by Porter in the 1980s is customised for listed South African long‐term insurers. Furthermore, the accounting support processes that affect the high‐risk components of policy liabilities and the related earnings of these insurers are identified. The generic value chain and list of accounting support processes developed in this study are useful tools to assist auditors in gaining an understanding of the business and accounting processes of these insurers.
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