Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Business
A s the nam e suggests, this is an industry specific G uidance N ote issued
by the A uditing and A ssurance Standards Board. The G uidance N ote
provides detailed guidance on various im portant aspects of the audit of
com panies in the business of general insurance. It deals extensively
w ith the basic know ledge about the Industry, w hich the auditors need
to possess to effectively conduct audit of a general insurance com pany.
The G uidance N ote begins w ith by giving a brief background of the
insurance industry, evolution of the Industry, its regulation,
organisation structure of the insurance com panies, and the scope of the
G uidance N ote. The follow ing is the gist of the topics dealt w ith by rest
of the G uidance N ote:
P rin cip les of In su ran ce: contract of insurance, principles of general
insurance, classes of general insurance business, etc.
L eg a l F ram ew ork : Insurance Regulatory and D evelopm ent
A uthority A ct, 1999 and Regulations fram ed thereunder,
registration of insurance com panies, licensing of insurance
agents, requirem ents as to m inim um paid up capital, deposits,
im portant statutes as applicable to audit of general insurance
com panies, applicability of accounting standards, corporate
governance, register of policies and returns, reports and returns
to be furnished etc.
A ccou n tin g S y stem an d F ra m ew o rk: features of accounting system
in insurance com panies, accounting records periodic reports,
w orkflow in general
insurance com panies, accounting
fram ew ork, requirem ents of Schedule B to IR D A Regulations,
2000, requirem ents of the Insurance A ct, 1938 vis a vis the
C om panies A ct, 1956 etc.
A u d itin g
F ram ew ork: audit
of accounts,
qualifications,
rem uneration and pow ers of auditor, auditors report, audit of
branches vis a vis head office, auditing in IT environm ent, stages
of audit, developing audit plan, coordination w ith branch
m anagem ent and branch auditor.
In tern al C on trols: elem ents of internal control, specific control
procedures in general insurance business, use of service
Ordering Information
The publication can be obtained from the sales counter at the Regional
offices or at the H ead office of the Institute. C opies can also be obtained
by post. To order by post, send a dem and draft for the am ount of price
of the publication (add the charges for the desired m ode of delivery) in
favour of The Secretary, The Institute of C hartered A ccountants of
India, N ew D elhi, payable at N ew D elhi, to the Postal Sales
D epartm ent, The Institute of C hartered A ccountants of India, IC A I
Bhaw an , A-29, Sector62, Noida201309 (U .P.)