Auditing of insurers
SFMA’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. SFMA issues minimum audit requirements for each audit area.
SFMA 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 SFMA’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.
SFMA 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 SFMA. 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 SFMA 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 SFMA. In the audit reports submitted to SFMA, 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 SFMA. A copy of the audit report is provided to the board of directors of the respective insurance company or insurance group.