Navigation Map Download our best practices

Interactive navigation is a tool that goes beyond the standard navigation of the integrated content (available in the report drop-down bar). New approach allowed to navigate in the two additional business dimensions of the PZU Group, i.e .:
- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
The above-mentioned areas were additionally supplemented with related GRI indicators, within each selected issue.
Employees
Society
Ethics
Environment
Products
Overview
Health
Banks
Investments
Insurance

Audit firm auditing the financial statements

Annual Report 2018 > CORPORATE GOVERNANCE > Audit firm auditing the financial statements
INTEGRATED
NAVIGATION
Reference areas Ref. areas
Insurance
Health
Investments
Banking
Best Pratices in PZU
COMPARE
PAGE TOOLS
INTEGRATED
NAVIGATION

On 18 February 2014, the PZU Supervisory Board selected KPMG Audyt Spółka z ograniczoną odpowiedzialnością Sp.k. with its registered office in Warsaw, ul. Inflancka 4A, 00-189 Warsaw, entered by the National Chamber of Statutory Auditors on the list of audit firms under no. 3546 as the entity to audit the financial statements for the years 2014-2016, and on 27 April 2017 the PZU Supervisory Board exercised the option of extending this cooperation to include 2017-2018.

The scope of the concluded agreement encompasses the following in particular:

  • auditing PZU’s annual standalone financial statements and the PZU Group’s annual consolidated financial statements;
  • reviewing PZU’s interim standalone financial statements and the PZU Group’s interim consolidated financial statements.

Main assumptions underlying the policy for selecting the audit firm.

The following are among the main assumptions underlying PZU’s policy for selecting the audit firm:

  • ensuring that the process of selecting the audit firm is done correctly and determining the responsibility and the duties of the participants in this process,
  • analyzing the recommendations given by the Audit Committee when selecting the audit firm;
  • giving consideration to the rule of rotating the audit firm and the key statutory auditor in the embraced time horizon.

The main assumptions underlying the Policy for the provision of permitted non-audit services by the audit firm conducting the statutory audit, by entities related to this audit firm and by a member of the audit firm’s network:

  • ensuring correctness in the process of procuring permitted services;
  • determining the responsibility and the duties of the participants in this process;
  • defining the catalogue of permitted services;
  • establishing the procedure for procuring permitted services. 

In 2018 the audit firm auditing the financial statements rendered permitted services to PZU that were not part of the audit. The Company conducted an assessment of the audit firm’s independence and the PZU Supervisory Board consented to the rendering of the foregoing services.

In recent years, PZU’s additional cooperation with KPMG Audyt has covered, without limitation, audits of solvency and financial standing reports required by the Solvency II Directive.

Fee charged by audit firm auditing PZU’s financial statements
(PLN thous.)
1 January -
31 December 2018
1 January -
31 December 2017
compulsory audit of the annual financial statements / consolidated financial statements 609 4,950
other assurance services, including a review of financial statements/consolidated financial statements 759 1,793
tax advisory services - -
other services - -
Total 1,368 6,743

Fee charged byaudit firm auditing the PZU Group’s financial statements
(PLN thous.)
1 January -
31 December 2018
1 January -
31 December 2017
audit of the financial statements 7,813 7,673
other assurance services 4,814 3,568
Total 12,627 11,241

Facebook Facebook Twitter Twitter Linkedin Linkedin All