Insurance Internal Audit
It is a must in India's highly-regulated insurance market to maintain transparency, accuracy, regulatory compliance, and accuracy. A well-designed internal audit is essential to ensure that the Insurance Regulatory and Development Authority of India's (IRDAI) guidelines are followed by insurance companies. ASC Group offers comprehensive insurance audit services and insurance internal audit services that are tailored to suit the individual needs of both life and general insurers. Internal audit in insurance is now a crucial part for the organizations.
The expertise we have in the auditing of insurance companies will make us an ideal partner.
Why Insurance Company Internal Audit is Important
Internal audit of life insurance companies functions are not only a legal requirement, but also a tool that can be used to assess and minimize financial and operation risks. This ensures that a company follows applicable laws like:
- The Insurance Act 1938,
- IRDAI (Preparation of a Financial Statement and Auditor Report of Insurance Companies Regulations) 2002,
- Companies Act, 2013,
- Income Tax Act 1961,
IRDAI has mandated that every insurance company undergo an audit, both for general and life insurance. This is to ensure the financial stability of all companies as well maintain trust with policyholders. These audits act include statutory audit of insurance company as a warning system to help management detect inefficiencies, leakages and non-compliance.
Insurance Sector Internal Auditing Expertise
ASC Group provides specialized services of auditing insurance companies to meet the needs of both insurance companies and their internal auditors. Each engagement involves a team of professionals with deep insights into the insurance industry and a risk-based approach to auditing will provide you and your organization with audit for insurance companies.
You can contact us for:
- IRDAI guidelines and ICAI Guidelines for risk-based audits
- Examining and evaluating internal control systems
- Assessing fraud risks and conducting control audits
- Compliance with financial reporting regulations and verification of the same
- Support in audits of statutory compliance and parallel audits
- Analysis of gaps and re-engineering processes
As your trusted consultants for insurance audits, we provide clear and practical insights that will improve compliance, decision-making, and efficiency.
Life Insurance Companies: Statutory and Internal Adits
Due to long-term liabilities, and expectations of policyholders, the internal auditing of life insurance firms requires meticulous planning. India expects its life insurance companies to have substantial reserves as well long-term obligations. Therefore, robust internal controls and governance are a necessity.
Our team has extensive experience handling internal audits in insurance as well as statutory audits for insurance company mandates. We ensure strict compliance with all IRDAI regulations and actuarial needs, while also ensuring risk management and best practices.
Why ASC Group?
ASC Group is well-versed in the challenges, and the regulatory framework of the Indian insurance industry. Our decades of expertise make us one of the most experienced insurance auditing firms in India, providing end-to-end services for both the life and non-life insurance sectors. Our proactive approach is detail-oriented and in line with regulatory expectations of insurance auditing companies.
The value we bring is:
- Methodologies of auditing industry-specific.
- Customised risk management strategies
- Integrating technology for improved data insights
- Transparent reporting with client collaboration
- Support with IRDAI inspections, regulatory filings
Our knowledge extends from large insurers, to new insur-tech companies and even niche sectors, making us one of the most trusted names among insurance audit consulting firms in India for providing our best audit insurance consulting to our clients.
Standards Officially Recognized as a Basis for Regulatory Compliance
According to the IRDAI’s Corporate Governance Guidelines as well as Audit Committee mandates for insurers, they are required to set up an efficient auditing mechanism. Companies Act 2013, which was passed in 2013, also prescribes an annual statutory audit of companies and insurers to make sure financial statements meet the required standards.
Our team follows the Institute of Chartered Accountants of India’s specific auditing guidelines and standards to ensure regulatory compliance and professional excellence.
ASC Group - Partner for Insurance Audit Services
Audit is more critical than ever in the Indian insurance industry, as it continues to evolve rapidly. ASC Group will provide your company with the internal audit services it needs. We are dedicated to quality and compliance.
Allow our team of expert insurance audit consultants to help you mitigate financial risk and stay ahead of regulatory demands. ASC Group offers a range of services including full-service insurance audits, risk assessments or audit assistance for insurance companies. ASC Group, a reliable insurance audit consulting firm in India, can help you ensure compliance, manage risk, and build trust.
