Auditing Theory Assignment BSA 3 1 12/05/2016

Group 10 Members:

Jezica Castro Dan Joseph Sta. Ana Rexie Dolores

Reymond Alvarez Jhon Paul Molina

Audit Program for Insurance

AUDIT OBJECTIVES AUDIT PROCEDURES AUDIT EVIDENCE(S)
The auditor will seek for the
documents from the journal or
ledger in the books of the entity; if
these information are totally lost or
not found.
Organize a meeting to discuss the
topic about the insurance and the
business.
The auditor will ask the treasurer
about the amount that he paid or
To examine the Make a necessary audit
his personal knowledge.
business's liabilities and report that includes;
The auditor or the organization will
insurance policies Overall audit opinion
request for insurance premium
performed by a Scope and limitations
information to the insurance
professional who is company. The detailed audit
knowledgeable with findings
The auditor then file a written
regard to both
memorandum;
- summarizing all insurance
coverages and liabilities;
- making recommendations to
close any loopholes in coverage
and save money on insurance
premiums;
- advising as to the scope and
amount of insurance coverage the
business should have.

To determine the Interview the involved insurance

insurance terms of agents Insurance contracts
employees ask for needed documents
General ledger
To check whether Checking the ledger balances of
Cash disbursements
insurance agreements the insurance account
are properly recorded Verifying the said amounts to the journal or general
and recognized journal (if CDJ is not
insurance agreements signed
available)
To know the Recompute the amounts reported F/S and its schedules
measurement and Verifying the corresponding Computations
allocation of insurance amounts to the prepared F/S prepared by the
between periods
auditor