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6 Independent Auditor’s Report on Embedded Value

Weitere Links

To the Board of Directors of
Swiss Life Holding Ltd
Zurich

Opinion

We have audited the Market Consistent Embedded Value Report (“MCEV Report”) of Swiss Life Holding Ltd and its subsidiaries (the Group) for the year ended 31 December 2016.

In our opinion, the embedded value information included in the MCEV Report has been prepared, in all material respects, in accordance with the MCEV Principles issued by the European Insurance CFO Forum, as described in sections 1 and 4 of the MCEV Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those provisions and standards are further described in the “Auditor’s responsibilities for the audit of the MCEV Report” section of our report.

We are independent of the Group in accordance with the IESBA Code of Ethics for Professional Accountants, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter – Basis of accounting

We draw attention to sections 4 and 5 of the MCEV Report, which describe the basis of MCEV methodology and assumptions. The MCEV Report is prepared in compliance with the MCEV Principles and as a result, the MCEV Report may not be suitable for another purpose. This report does not extend to any financial statements of Swiss Life Holding Ltd. Our opinion is not modified in respect of this matter.

Other information in the annual report

The Board of Directors is responsible for the other information in the annual report. The other information comprises all information included in the annual report, but does not include the MCEV Report of Swiss Life Holding Ltd and our auditor’s reports thereon.

Our opinion on the MCEV Report does not cover the other information in the annual report and we do not express any form of assurance conclusion thereon.

In connection with our audit of the MCEV Report, our responsibility is to read the other information in the annual report and, in doing so, consider whether the other information is materially inconsistent with the MCEV Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors for the MCEV Report

The Board of Directors is responsible for the preparation of the MCEV Report in accordance with the MCEV Principles, including the applied methodology and the assumptions used and for such internal controls as determined necessary to enable the preparation of the MCEV Report that is free from material misstatement, whether due to fraud or error.

In preparing the MCEV Report, the Board of Directors is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern assumptions unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the MCEV Report

Our objectives are to obtain reasonable assurance about whether the MCEV Report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the MCEV Report.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

  • Identify and assess the risks of material misstatement of the MCEV Report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • Obtain an understanding of internal control relevant to the audit of the MCEV Report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
  • Evaluate the appropriateness of the Group’s accounting policies based on the MCEV Principles and the reasonableness of estimates and related disclosures made.
  • Conclude on the appropriateness of the Board of Directors’ use of the going concern assumptions and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the MCEV Report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
  • Obtain sufficient appropriate audit evidence regarding the information of the entities or business activities within the Group to express an opinion on the MCEV Report. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee of the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

PricewaterhouseCoopers AG

Ray Kunz
Audit expert
Isabelle Flückiger


Zurich, 2 March 2017

Mein Bericht

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