Internal auditing – efficient and helpful!
How can I, as a smaller insurance company, pension scheme or pension fund, efficiently fulfil my obligation to set up an internal auditing function?
Do you, as an insurance company, have an obligation to set up the key function of internal auditing, but lack the internal resources to fill this function independently of operational activities? Do you operate in an unregulated industry and would like to have your business organisation, in particular the adequacy and efficiency of the internal control system, reviewed voluntarily?
In that case, you should outsource the internal auditing function. The provider of this service should carry out, on a permanent or case-by-case basis, risk-oriented audits, assessments and consultancy activities autonomously, independently and objectively and support the management in the performance of its monitoring function. The provider of this service should have experience in the assessment of business organisations and be familiar with the specifics of the industry, in particular with the many requirements arising from a regulation. As a small or medium-sized enterprise, it is very important to you that your contact persons maintain a constructive and open dialogue on the basis of continuous collaboration, while keeping an eye on the principle of proportionality.
Since 2016, we have been applying our experience in assessing business organisations and internal control systems gained from decades of auditing annual financial statements to internal auditing. Based on our knowledge of the industry and our experience in auditing, evaluating and advising insurance companies, we have continuously expanded our client base and have concluded function outsourcing agreements with a number of indemnity and accident insurance companies and professional pension schemes.
We support their management and those responsible for the outsourcing in the performance of their tasks. The result of our audit is summarised in a written report, which is addressed to the decision-making bodies and, if necessary, forwarded to the competent regulatory authority.
Here are just some of the services we offer:
- Fully assuming the internal auditing function (audit of all relevant areas in accordance with a multi-year audit plan)
- Assuming the internal auditing function for key sub-divisions (e.g. capital investments for pension schemes)
- Performance of audit activities as required (e.g. in the event of suspected embezzlement)