Professional Documents
Culture Documents
Introduction
5/6/12
Coinsurance
Joint insurance Share of premiums Leader co. Verification of own share of premium Examination by auditor
5/6/12
Reserve for unexpired risk Re-insurance transactions Incoming and outgoing insurance Reinsurance outward
5/6/12
Accepted by IRDA Certificate of registration Separate application for GIC Enquiry and obtaining information Rejection of application Renewal of certificate
5/6/12
Annual accounts
5/6/12
5/6/12
Audit of accounts
5/6/12
Appointment of auditor
1.
1.
1.
5/6/12
Auditors report
1.
Obtained all information and explanation satisfactory Proper books of accounts Proper returns have been received Books of accounts and returns Acturial of liabilities duly certified
1.
1.
1.
1.
5/6/12
Balance sheet Revenue A/c Profit and loss A/c Receipts and payment A/c
5/6/12
5/6/12
Audit Procedure
5/6/12
Preliminary
Efficiency of internal control system
Annual accounts
5/6/12
Audit of income
Vouch the premium income Income derived from branches Separate accounts for separate insurance business O/s premia Another major source of income Premium received in advance Commission and allowances Vouch the amount of claims paid O/s payments Amount of bonus Legal expenses
5/6/12
Premiums
Examine proper cover notes Premium received Special attention on accounts dues Date of announcement of risk Companys own share of premium Premium is recorded originally Written conformation Reconcile of statement
5/6/12
Miscellaneous
Account of reinsurance Loans and investments O/s branch & Agency accounts Other assets provisions
5/6/12
5/6/12
5/6/12
Claims
Auditor has to check following things while verifying claim paid Click to edit Master subtitle style
5/6/12
Commissions
Limits on investment in one company Limits on deposits with one banking company
Click to edit Master subtitle style
5/6/12