Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Auditing Expert

Scenario:

Insurers operate in a complex framework of laws and regulations which distinct in number of ways from that applicable in general to other commercial enterprises. In Mauritius the Insurers operate in the Insurance Act, and rules and guidelines of the regulator, the Financial Services Commission. As it is different from other commercial enterprises, there’re additional matters which an auditor needs to take in consideration in audit of insurance company.

Required:

problem 1: Illustrate out four additional matters that should be included in a letter of engagement between an auditor and an insurance company.

problem 2: The Insurance Act provides additional duties to an auditor who undertakes the audit of Insurance Company.  Describe four of the additional duties as stated in the Act.

problem 3: When obtaining an understanding of insurance company and its environment, the auditor should consider whether the information obtained points out that fraud risk factors exist.

(i) Discuss and illustrate out the auditor’s and management’s responsibilities for prevention and detection of fraud.

(ii) Describe and illustrate out four (4) risk factors which are particularly relevant to Insurance business.

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M98037

Have any Question? 


Related Questions in Auditing

Question beauty ltd sells cosmetics and markets itself on

Question: Beauty Ltd sells cosmetics and markets itself on the basis that its products have not been tested on animals. it has ethical policies towards its staff and suppliers, and that it takes corporate responsibility ...

Emerging auditing issuessearch the internet for hot topics

Emerging Auditing Issues Search the Internet for hot topics and emerging issues of financial statement fraud and other fraudulent act committed by publically traded companies, including those identified by the PCAOB. Con ...

Q1 focus of the auditor is no longer on the routine audit

Q1) Focus of the auditor is no longer on the routine audit but rendering value added services like cost efficiency and decision making. Critically examine the statement with particular emphasis on the changing computer e ...

Auditing and assurance services individual assignment-

AUDITING AND ASSURANCE SERVICES INDIVIDUAL ASSIGNMENT- One.Tel Case Strategic Business Risk Assessment, Inherent Risk Assessment and Preliminary Going Concern Assessment Nature of the Entity's Business One.Tel was launch ...

Requirementsyou are audit senior in the audit firm

Requirements: You are audit senior in the audit firm Greentick, in charge of the audit of Soundworld Ltd for the year ended June 30, 2016. Prepare a report dated February 1, 2016 for the audit manager outlining the audit ...

500 words needed on below accounting assignmentconsider

500 words needed on below accounting assignment Consider each of the following independent and material situation. In each case: 1.The financial report date is 31 Dec 2014 2.The field work was completed on 12 Feb 2015 3. ...

Questions-q1 explain how to conduct an external

Questions- Q1. Explain how to conduct an external strategic-management audit. Q2. Identify a recent economic, social, political, or technological trend that significantly affects the local Pizza Hut. Q3. How does the ext ...

What are the four primary elements described in the

What are the four primary elements described in the definition of auditing?

Assignmentq-1 the marketing manager for mountain mist soda

Assignment Q-1: The marketing manager for Mountain Mist soda needs to decide how many TV spots and magazine ads to run during the next quarter. Each TV spot costs $5,000 and is expected to increase sales by 300,000 cans. ...

Craig thorne works in a public accounting firm and hopes to

Craig Thorne works in a public accounting firm and hopes to eventually be a partner. The management of Allnet Company invites Thorne to prepare a bid to audit Allnet's financial statements. In discussing the audit fee, A ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate