Risk Assessment during the Audit of Insurers’ Information Environment
Risk Assessment during the Audit of Insurers’ Information Environment

Author(s): Maia Natchkova
Subject(s): Economy, Business Economy / Management, Accounting - Business Administration, ICT Information and Communications Technologies
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: insurers; risks; information environment; independent financial audit
Summary/Abstract: The independent financial audit gives to the public an independent expert opinion on the authenticity of the insurers’ financial statements and on the true and fair presentation of the information therein in all material aspects. The identification and assessment of the major risks that influence the information environment of the audited insurers by the certified public accountants, registered auditors, through specific audit procedures, is crucial for the high-quality independent financial audit of the financial statements. Registered auditors must track the timely and adequate measures undertaken by the audited insurers in order to eliminate the adverse effects of these risks on their information environment, and therefore, on the quality of the performed independent financial audit of the insurers’ financial statements. Registered auditors must carry out continuous control over the digital technologies used by the audited insurers in the process of their insurance business for the purposes of finding in timely manner of any weaknesses, errors and defects in the process of digitalization of their information environment. Ensuring high-quality independent financial audit requires to improve the digitalization process of the independent financial audit of insurers’ financial statements, by improving the effectiveness of controls and passwords, enhancing cybersecurity and improving the protection of information obtained during the audit of their information environment.

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