Internal audit

How can I, as a smaller insurance company, pension fund or provident fund, efficiently fulfil my obligation to set up an internal audit?

We will find your solution!

As an insurance company, you are obliged to set up the key function of internal audit, but you do not have the internal resources to staff this function independently of the operational activities? You operate in a non-regulated industry and would like to have your business organisation, in particular the adequacy and effectiveness of the internal control system, audited voluntarily?

You would therefore like to outsource the internal audit function. The service provider should perform risk-oriented audits, assessments and advisory activities independently and objectively on a permanent or case-by-case basis and support the management in the performance of its monitoring function. The service provider should have experience in the assessment of business organisations and be familiar with the specifics of the industry, in particular with the manifold requirements arising from regulation. As a small or medium-sized enterprise, it is important to you that your contact persons maintain a constructive and open dialogue on the basis of continuous cooperation while keeping the principle of proportionality in mind.

We have also been applying our experience in the assessment of business organisations and internal control systems, gained through decades of work in annual audits, to internal audits since 2016. Based on our industry knowledge and experience in auditing, assessing and advising insurance companies, we have since continuously expanded our client base and concluded functional outsourcing agreements with a number of property/casualty insurance companies as well as professional pension funds.

We support their management and the outsourcing officer in the performance of their duties. The result of our audit is summarised in a written report which is addressed to the governing bodies and, if necessary, forwarded to the competent supervisory authority.

An excerpt from our range of services

• Complete assumption of the internal audit function (audit of all relevant areas according to a multi-year audit plan)
• Assumption of the internal audit function for important sub-areas (e.g. investment activities for pension funds)
• Carrying out audit activities for specific reasons (e.g. suspicion of embezzlement)

Your contact: Philipp Bracht