Governance code Volmachtaudits

Objectivity  

Objectivity is the impartial mental attitude that allows the auditor to perform an audit engagement in such a way that the auditor believes in the outcomes of his work. The auditor does not have to make a balancing of interests in conducting the audit, that may affect the outcomes of the audit. The auditor does not subordinate his assessment and conduct of the audit to other matters. 
 
The audit activities on behalf of insurers are conducted within ‘SVC Groep’ in a separate legal entity that does not also house audit activities on behalf of cover holders; Volmachtaudits. Volmachtaudits has its own financial statements. Moreover, adequate organizational measures have been taken to keep the business processes surrounding these activities sufficiently separated. 
 

Governance code

‘SVC Groep’ is transparent about the commissioning process and the consequences this has for the organization to be audited. 
Volmachtaudits uses employees working within ‘SVC Groep’ (this may also be employees who are hired).  
Volmachtaudits safeguards the objectivity of an individual auditor as follows: 
  • An auditor commissioned by Volmachtaudits to audit a cover holder: 
    • has not performed a similar audit at this cover holder’s premises in the past 3 years on behalf of the cover holder. This includes performing an AO/IC Audit through ‘SVC Registeraccountants B.V.’. 
    • has not performed a consultancy assignment at this cover holder in the past 3 years. 
    • does not directly or indirect financial interest in this cover holder. 
    • does not directly or indirectly hold any managerial, supervisory or ancillary positions (including that of interim management) with this cover holder. 
  • By close relatives of the auditor and/or persons to be considered similar in this respect, to the best of their knowledge, no financial interest is held, directly or indirectly, in the cover holder where the auditor conducts an audit. 
  • Close relatives of the auditor and/or persons to be considered similar in this respect, to the best of their knowledge, do not hold any significant position in the cover holder where the auditor conducts an audit. 
  • An auditor commissioned by Volmachtaudits to conduct an audit of a cover holder is not aware of any circumstances that could conflict with the objectivity (impartiality/independence) expected of the auditor in conducting the audit. 
 
Deviations from this should be reported by an auditor at the earliest possible stage to the management of Volmachtaudits. The management will assess whether there is a circumstance that makes an auditor insufficiently objective.