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Wednesday, September 30, 2009

Important Questions on Audit of General Insurance Companies

Questions
1. Write short notes on “Unexpired Risks Reserve”.
2. State the procedure for verification of Agents’ Balances in the course of Audit of GIC.
3. Write short notes on (i) Co-insurance; (ii) Re-insurance; (iii) Management Expenses of Insurance Companies; (iv) Valuation of Investments in GIC and (v) Solvency Margin.
4. What observations an auditor of a GIC is required to make in compliance of CAG directions u/s 619(3) of the Companies Act, in respect of (i) System of financial control; and (ii) Investments.
5. Part IV of Schedule B of IRDA (Preparation of Financial Statements and Auditor’s Report Of Insurance Companies) Regulations, 2000, requires a Management Report to be attached to the financial statements. What are the contents of such management report?
6. “In an audit of an insurance company, the Receipts and Payments Account is also subjected to audit”. Comment on this statement in brief.

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