Cost Audit | Advanced Auditing Assignment Help
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The Accounting Standards
issued by the Institute of Charted Accountants of India, are applicable to the preparation and presentation of financial statements of General Insurance
Companies, expect in areas referred to in the IRDA (Preparation of Financial Statements and Auditor’s report of Insurance Companies) Regulation, 2000. Under section 12 of the Insurance Act, 1938, the financial statements of an insurance company are required to be audited annually by an auditor. The term financial statements include Balance Sheet, Profit and Loss Account and Revenue Account.
The Controller and Auditor General of India have the power to direct the manner in which audit of accounts shall be conducted and to conduct supplementary and test audits. The C and AG have directed the auditors of general insurance companies should submit to it a supplementary report on matters specified by it.
We cover following topics about:
1. APPLICABILITY OF ACCOUNTING STANDARDS TO GENERAL INSURANCE COMPANIES
2. AUDIT OF ACCOUNTS
3. INTERNAL CONTROLS
4. AUDIT OF REVENUE ITEMS
5. AUDIT OF BALANCE SHEET ITEMS
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