The banking market is in upheaval: Regulatory changes, cost pressures and technological change pose major challenges not only for banks but also for bank auditors. The CENTURION banking team goes through stormy times with you.
Trust in stable and crisis-proof banks is of paramount importance not only for domestic investors but also for borrowers. Increasing regulatory requirements in ever shorter cycles are making the banking sector one of the most strictly regulated in Austria. This regulation also has an impact on the bank auditor, who must also keep up with the speed of changes and adjustments.
The consolidation in the bank audit market shows that qualified and intra-disciplinary teams are required to meet the high quality standards. CENTURION can draw on many years of experience in the field of bank auditing.
Bank auditing means system audit
Information technology, process and controls have a particularly high priority in the banking and insurance sector. Due to the number of business cases, audit approaches without comprehensive audit procedures concerning the internal control system as well as extensive data analyses are impossible.
Our experienced bank auditors are consequently supported by experienced IT auditors as well as data analysts. This allows us to identify from a very large amount of data those records that we believe represent the greatest risk and therefore require further audit procedures.
Challenge Change of auditor
The EU Audit Reform created rules that affect auditors and companies at the same time. In addition to the restriction of defined non-audit services, an external rotation obligation was introduced, which are increasingly "impacting".
Initial audits are a particular challenge for both companies and auditors. In recent years, CENTURION has been able to convince a large number of PIE mandates of the quality of its services and has therefore been able to draw on a great deal of experience in rotation-related changes.
Enclosed is an overview of our expertise in the field of bank auditing:
- Statutory audit of annual financial statements according to UGB/BWG
- Statutory audit of group financial statements according to UGB/BWG
- Audit of compliance with regulatory standards (annex to the audit report)
- Audit or review of quarterly or half-yearly financial statements
- Implementation of special audits under company law or corporate law