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- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
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Operating model
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Risk and ethics
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Climate
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Risk and ethics
Audit firm auditing the financial statements
On 23 May 2019 KNF gave a permit to PZU to extend for another two years the maximum period for the engagement for KPMG Audyt to audit the standalone and consolidated financial statements. In this manner the Supervisory Board made the decision to continue cooperation with the auditor to audit the 2019-2020 financial statements.
| Fee payable to the audit firm auditing PZU’s financial statements (PLN 000s) | 1 January –31 December 2018 | 1 January – 31 December 2019 |
| compulsory audit of the annual financial statements / consolidated financial statements | 609 | 828 |
| other assurance services, including a review of financial statements/consolidated financial statements | 759 | 878 |
| tax advisory services | - | - |
| other services | - | - |
| Total | 1,368 | 1,706 |
| Fee charged by the entity authorized to audit the PZU Group’s financial statements (PLN 000s) | 1 January – 31 December 2018 | 1 January – 31 December 2019 |
| audit of financial statements | 7,813 | 8,361 |
| other assurance services | 4,814 | 5,148 |
| Total | 12,627 | 13,519 |
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 when selecting the audit firm the recommendations given by the audit committee;
- 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 2019 the audit firm auditing the financial statements rendered permitted non-audit services to PZU. 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.