Page 243 - DCOM509_ADVANCED_AUDITING

Advanced Auditing

Notes 9. 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?
10. “In an audit of an insurance company, the Receipts and Payments Account is also subjected
to audit”. Comment on this statement in brief.

Answers: Self Assessment

1. Comptroller and Auditor General 2. Accountability

3. Fiscal Accountability 4. Managerial Accountability
5. 1956 6. Liabilities and fund
7. 1 lac crore 8. Irrevocable

9. Reserve Bank of India 10. Audit process
11. Member 12. IRDA
13. Incurred Claims 14. URR
15. KCS Act and Rules 16. State Government
17. Joint Stock Company; Co-operative Society

18. IRAC Norms

12.9 Further Readings

Books David Coderre, Internal Audit: Efficiency Through Automation, John Wiley & Sons,
2009.

Emile Woolf, Moira Hindson, Audit and Accountancy Pitfalls: A Casebook for Practising
Accountants, Lawyers and Insurers, John Wiley & Sons, 2011.
Iain Gray, Stuart Manson, The Audit Process: Principles, Practice and Cases, Cengage
Learning EMEA, 2007.
Jeanette Franzel, Single Audit: Opportunities exist to improve the Single Audit Process
and Oversight, DIANE Publishing, 2009.
Susan Switzer, Internal Audit Reports Post Sarbanes-Oxley: A Guide to Process-Driven
Reporting, John Wiley & Sons, 2007.

Online links www.asiatradehub.com/india/tr9.asp
www.auditservices.com/aevidence.html
www.investopedia.com/terms/a/auditing-evidence.asp#ixzz1x6PIvbTg

www.informationbible.com/article-auditing-in-depth-111904.html

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