Friday, February 19, 2010

The different aspects of audit

Books of Account
Technical Guide on Internal/Concurrent Audit of Investment Functions of Insurance Companies
Institute of Chartered Accountants of India
( http://www.icai.org/)

Insurance investment

The internal or concurrent auditor may not sit in judgment of the decision taken by the authorised official; yet, the auditor will have to see that the transactions or decisions are within the policy parameters laid down by the Board/Investment Committee; that they do not violate the instructions of IRDA and the Insurance Act, 1938; and that they are within the delegated authority and in compliance with the terms and conditions for exercise of delegated authority. Thus directs the Institute of Chartered Accountants of India in Technical Guide on Internal/Concurrent Audit of Investment Functions of Insurance Companies.


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