AUDIT OBJECTIVES AUDIT PROCEDURES AUDIT EVIDENCE(S) The auditor will seek for the documents from the journal or ledger in the books of the entity; if these information are totally lost or not found. Organize a meeting to discuss the topic about the insurance and the business. The auditor will ask the treasurer about the amount that he paid or To examine the Make a necessary audit his personal knowledge. business's liabilities and report that includes; The auditor or the organization will insurance policies Overall audit opinion request for insurance premium performed by a Scope and limitations information to the insurance professional who is company. The detailed audit knowledgeable with findings The auditor then file a written regard to both memorandum; - summarizing all insurance coverages and liabilities; - making recommendations to close any loopholes in coverage and save money on insurance premiums; - advising as to the scope and amount of insurance coverage the business should have.
To determine the Interview the involved insurance
insurance terms of agents Insurance contracts employees ask for needed documents General ledger To check whether Checking the ledger balances of Cash disbursements insurance agreements the insurance account are properly recorded Verifying the said amounts to the journal or general and recognized journal (if CDJ is not insurance agreements signed available) To know the Recompute the amounts reported F/S and its schedules measurement and Verifying the corresponding Computations allocation of insurance amounts to the prepared F/S prepared by the between periods auditor