Federal Office of Private Insurance FOPI
Federal Office of Private Insurance FOPI
Beginn Inhaltsbereich
FOPI News no. 15
FOPI News no. 15 of 6 February 2008 – Further Specification of the Provisions under Supervision Law Relating to the Auditing Responsibilities of the Independent Auditor
On 21 November 2007 the Federal Office of Private Insurance FOPI put into force the Framework Directive on the activities of the independent auditor in insurance undertakings. The purpose of the Framework Directive on Auditing is to further specify the provisions under supervision law relating to the auditing responsibilities of the independent auditor in accordance with article 29 para. 1 of the Insurance Supervision Act (ISA).
The reporting of the independent auditor must follow the specifications set out in accordance with the Framework Directive on Auditing. The reporting covers audits of the annual financial statements and the supervisory audit in accordance with article 29 par. 2 of the Insurance Supervision Act (ISA).
The task of the independent auditor is that of commenting upon the items listed in the Framework Directive based on the findings obtained from the audit of the annual financial statements. As an alternative the comments related to these items may, for the year under review (2007), be carried out by the insurance undertaking itself. In this case, it the task of the independent auditor to establish if the comments of the insurance undertaking are in keeping with the findings established within the scope of the audit. If this variant is selected, the comments of the insurance undertaking constitute an integral part of the documents to be submitted for the attention of FOPI by 30.04.2008.
The auditor's report thus contains findings on the accounting and either the comments of the independent auditor or a statement on the comments of the insurance undertaking.
Inquiries: FOPI Communication, tel. 031 325 01 65
Ende Inhaltsbereich
