Insurance companies are increasingly facing challenges that can only be addressed with a fully integrated view. CENTURION supports you with high-quality services in finding answers to the pressing questions of the future.
We are aware that as insurance auditor we are an important part of the Austrian insurance industry and thus contribute to stability and security. For this reason, we see integrity and independence as the basis of our work. In doing so, we rely on our experience and comprehensive industry expertise, which enables us to gain an in-depth understanding of your business model and market environment as well, including regulatory challenges - a key factor of our audit.
You will benefit from our comprehensive know-how in all audit-related and regulatory matters, not only in our statutory auditing activities. You will also have access to an interdisciplinary team of experts in the fields of accounting actuarial and regulatory issues.
As auditor of insurance companies, in addition to auditing the annual financial statements, we are also required to conduct a regulatory audit in accordance with the Insurance Supervision Act (VAG). Essential components of the regulatory audit include the audit of the solvency and financial condition report including the solvency balance ("SFCR") as well as the assessment of the functionality of the internal control system, the risk management system, the internal audit as well as the measures to prevent money laundering and terrorist financing. CENTURION can draw on a specialised team of actuaries and certified public accountants with many years of experience for regulatory audits and consulting assignments.
Valuable insights through new technologies
IT is becoming increasingly important in the insurance industry. We therefore consistently invest in innovative tools that make our audit even more valuable for our customers.
For example, our modern communication platforms promote transparency and efficiency in the collaboration between our customers and us. Quite pragmatically and always at eye level. In addition to the interdisciplinary application of standard guidelines, this also ensures that you have an overview of the status of the audit and the current issues at all times.
We are convinced that our audit will comprehensively support you in the successful monitoring and management of your company - and at the same time strengthen the confidence of investors, the public and other stakeholders in it.
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 audit eingagements 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.
The following is an overview of our expertise in the field of insurance auditing:
- Statutory audit of annual and group financial statements according to UGB/VAG/IFRS
- Regulatory audit (Solvency II)
- Audit or review of quarterly or half-yearly financial statements
- Implementation of special audits under company law or corporate law