The audit firm Fidacta is your competent partner regarding accounting questions under German and international regulation. Our core competence also includes technical translations. Special focus areas are actuarial auditing of non-life insurances as well as providing advisory and auditing services related to Solvency II, in particular review of reserves, design of the actuarial function and the system of governance.

Do you request specific services? Please contact us, we see ourselves as solution providers and are pleased to support you.

Actuarial auditing of non-life insurances

As an actuarial auditor, we support many insurers regarding premium adjustments in the non-life-sector. By providing these actuarial audit services, our combination as actuary and auditor has proven beneficial: These services require expertise in auditing data bases and methods as well as skills with respect to actuarial calculation techniques.

We also support you in designing a premium adjustment clause and as an actuarial auditor we provide assistance concerning these clauses.

As part of an in-depth review of your initial or subsequent calculations, we stand ready to make our experience available to you and to make proposals concerning alternative approaches.

Your competent contact:
Peter Gorontzy

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IFRS Advisory

Our high quality and competent IFRS advisory services include in particular:

  • IFRS technical opinions: The application of IFRSs requires interpretation and offers significant judgement and discretion. We develop solutions to your IFRS questions and provide technical opinions thereon. These opinions support justfying your intended IFRS accounting. Furthermore, we analyse the impact that new and revised IFRS standards or that different permitted IFRS accounting methods will have on your financial statements.
  • Preparation of IFRS accounts: We offer professional as well as active support in the preparation of your financial statements, including consolidation, conversions from German GAAP into IFRS and compiling the notes. We also assist in valuation tasks such as impairment tests and purchase price allocations (PPA) for business combinations.

Your competent contact:
Prof. Dr. Martin Klem
 Simone Hehmeyer

  • IFRS accounting manual:
    Accounting policies support the consistent application of IFRSs within the company/group. We compile – in German and/or in English – a practically orientated IFRS accounting manual incorporating those standards relevant to your company.
  • IFRS implementation:
    • analysing differences to previously used accounting and measurement principles
    • compiling technical documentations such as an IFRS accounting manual
    • advice in the changing of systems and procedures
    • drafting / implementation of dual accounting (German GAAP and IFRS)
    • project management
     
  • IFRS training: In a practical and understandable way we provide comprehensive training regarding general and specific IFRS topics.
  • Interim support: We provide assistance in preparing monthly, quarterly and individual financial statements.

Translation

As registered auditors with extensive experience in German / English / Russian translation of complex, technically demanding texts such as

  • individual and consolidated financial statements,
  • annual reports,
  • audit reports,
  • IFRS Standards oder
  • GAAP conversion from UK or Russian financial statements into German GAAP

we will take care of your demands. We combine our comprehensive expertise with professional language skills for you to receive quality-assured, accurately worded translations using the specific terminology.

Your competent contact:
    Prof. Dr. Martin Klem
    Simone Hehmeyer

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Solvency II

Due to our combination of actuaries and registered auditors we have extensive expertise and experience to provide valuable services for various topics relating to the implementation of Solvency II in your company.

This includes areas such as

  • audit of the report on reserves
  • review of the calculation of technical provisions
  • optimal design of the
    • actuarial function (in particular avoiding duplications) or the
    • reserve process
  • implementation and monitoring a system of internal controls

We also assist you with our expertise in the implementation of the system of governance.

Our work as your external expert also helps to ensure the independence of the actuarial function.

Your competent contact:
     Peter Gorontzy
     Prof. Dr. Martin Klem

Further Services

We are familiar with the design and operating effectiveness tests of internal control systems, with assistance being provided to optimise or implement a system of internal control.

  • Do the implemented controls cover all control objectives?
  • Are “smarter” controls available?
  • Are controls performed effectively?
  • Do controls identify errors and deficiencies?
  • Are the right conclusions drawn?
  • Is there a follow-up on a regular basis?
  • Is the documentation of internal controls appropriate and sufficient?

We stand ready to support you in the event of temporary bottlenecks, eg in the accounting or controlling department. We complement your team in case of unplanned tasks occuring, unexpected staff turnover or unusual constellations. Nature, size and timing of our work will be tailored flexibly to your demands.

Being registered auditors with many years of experience, we are happy to share our extensive expertise with you through practical trainings, presentations and workshops. For example, a training could include:

  • knowledge regarding individual and group financial statements according to German GAAP (HGB) as well as IFRS,
  • design and optimisation of internal control systems,
  • analysis of financial statements based on specific case studies (performance indicators, accounting policies, valuation headrooms), as well as
  • tailored training regarding your specific accounting topics and issues.

 

We are pleased to provide competent advice on all topics relating to the preparation of consolidated financial statements according to German GAAP as well as IFRS. Depending on the scope of the engagement, we will support you in the

  • compiling of uniform group accounting policies
  • preparation of reporting packages
  • adjustment to individual financial statements to conform with the accounting and valuation policies of the parent company, including necessary adjustment entries
  • intercompany reconciliation
  • consolidation
  • preparation of the notes, the cash flow statement, the statement of changes in equity and the segment reporting
  • purchase price allocation, impairment testing of goodwill
  • transition to international accounting standards.

We like to assist you in solving complex issues in the context of consolidation and provide you with expert advice regarding available accounting options. In addition, with regard to cost-benefit aspects, our network partner Solitwork offers an efficient planning and consolidation software.

We perform internal audit tasks for your company to the extent desired by you.

  • compiling a multi-annual audit programme
  • tailoring nature, size and extent of individual audits
  • coordinating, performing and evaluating individual audits
  • involving experts (eg IT)
  • assessing effectiveness and efficiency of your internal audit

We do actuarial controlling work or support your internal audit as an independent risk controlling function.