Auditing of insurers

FINMA’s standard audit strategy stipulates the way in which audit firms are used to audit insurance companies and insurance groups, and is tailored to the different audit areas. FINMA issues minimum audit requirements for each audit area.

FINMA determines the audit areas and the audit depth to be applied to audits in the insurance sector. Certain audit areas are covered every year during the basic audit within the scope of the standard audit strategy, while others are assessed every few years in accordance with FINMA’s specifications. Audits also differ from case to case; some are limited to certain insurance segments or business areas, or are restricted in terms of audit depth or other factors.

FINMA specifications

Audit firms perform the necessary audits or assessments in the audit areas defined for each insurance company or insurance group on the basis of audit items stipulated by FINMA. These audit items are also published here as a reference for insurers.

The audit items include the audit fields to be considered and the audit depth to be applied. Audit firms adhere to the audit standards prescribed by FINMA in terms of the actual execution of each audit.

Documentation and reporting

Upon completion of each audit, the audit firm submits the completed audit item forms to FINMA with a forward-looking risk analysis based upon the auditors’ observations and findings from the normal audit, but not upon additional specific audit measures.

In the audit reports submitted to FINMA, audit firms record any queries and findings from their audits or critical assessments of the individual audit areas, and also describe any other matters of regulatory interest as specified by FINMA. A copy of the audit report and a copy of the risk analysis are provided to the board of directors of the respective insurance company or insurance group.

Documents

Annexes to Auditing Circular

Anhang 14: Risikoanalyse

Updated: 11.11.2015 Size: 0,12  MB
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Guidelines for Auditing Circular

Wegleitung Versicherungen

Updated: 04.11.2017 Size: 0,4  MB
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Audit points in respect of audit areas relating to individual companies (Annexe 10 of FINMA Circular)

Gebundenes Vermögen

Updated: 04.11.2017 Size: 0,11  MB
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Business Continuity Management

Updated: 04.11.2017 Size: 0,04  MB
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Audit items in respect of audit areas relating to insurance groups and conglomerates (Annexe 11 of FINMA Circular)

Audit items which apply to individual companies as well as insurance groups and conglomerates

 

Change of audit firm