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Insurance Companies
Authoritative documents involved as:
The major legislation governing insurance companies and their conduct is the Insurance Act
Key audit areas as: For an insurance company these are as:
1. Investments or
2. Unearned premiums,
3. Expired dangers, this is while a category of business has confirmed to be unprofitable provision is made for future losses on risks previously accepted,
4. Outstanding claims,
5. Ascertainment of creditors and debtors,
6. Actuarial valuation re: life insurance.
Insurance companies such as banks are subject also to particular exempting provisions in the Insurance Act and in the Companies Act. Unlike banks, not only do they take advantage of the special provision however are in fact required through the Commissioner to obtain benefit of the provisions. The auditor therefore, in practice provides two audit reports for an insurance company and is also necessary to sign various reports such are submitted to the Commissioner of Insurance. The insurance company arranges statutory accounts that are audited in the common way and a fair and true view report provided and these are submitted to the members in the general way and adopted and dividends paid on their strength. The Commissioner after that requires accounts to be prepared in accordance along with insurance regulations taking benefits of creating secret reserves. Also these are audited and reported on accordingly through the auditor however not in fair and true view terms however rather through simply stating compliance along with the insurance act.
Related Parties - Audit Evidence IAS 24 prescribes the disclosures essential to the possibility to draw attention which the financial position and loss or profit of an entity
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.
What is the meaning of it?
Timing of Tests of Control - AUDITOR should perform tests of controls over a period of time which is adequate to determine whether, as of the date specified in management's report,
Disclosures about Inventories - IAS 2 IAS 2 specifies disclosures about inventories. In a large manufacturing company, no article in the balance sheet appears verification
types of edp accounting system
under what circumstances are internal controls inappropriate for auditors to check?
Audit of Accounting Estimates An accounting estimate is described in ISA 540 Audit of Accounting Estimates as 'an estimation of the amount of an item in the absent of a precis
WHAT OF COST OF JOURNAL ENTRY?
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