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Project
On
Standards on Auditing of Bajaj Alliance Life
Insurance Co. Ltd
SUBMITTED BY
YATRI CHANDRESH SHAH ROLL NO.76
MASTER OF COMMERCE PART II SEMESTER IV
PROJECT GUIDE
PROF. ANITA AGARWAL
SUBMITTED TO
UNIVERSITY OF MUMBAI
RAJASTHANI SAMMMELANS
GHANSHYAMDAS SARAF COLLEGE
OF ARTS & COMMERCE
AFFILIATED TO UNIVERSITY OF MUMBAI
REACRREDATED BY NAAC WITH A GRADE
S.V ROAD, MALAD (WEST),
MUMBAI 400 064
A.Y. 2016-2017
RAJASTHANI SAMMMELANS
GHANSHYAMDAS SARAF COLLEGE
OF ARTS & COMMERCE
AFFILIATED TO UNIVERSITY OF MUMBAI
REACRREDATED BY NAAC WITH A GRADE
S.V ROAD, MALAD (WEST),
MUMBAI 400 064
A.Y. 2016-2017
CERTIFICATE
Date:
External Examiner:
Signature
YATRI CHANDRESH SHAH
DECLARATION
Date: Signature
EXECUTIVE SUMMARY
As the trade and commerce grew extensively globally, the involvement of public money therein
also increased manifolds. This in turn created a demand from the investors to have the accounts
of the business ventures examined by a person independent of the owners and management of
the business to ensure that they were correct and reliable. Such a demand laid down the
foundation for the profession of auditing. The extent of reliance placed by the public on the
auditors has increased so much with time that it is, unreasonably of course, felt by the public that
nothing can go wrong with an organization which has been audited. Though the fact that an audit
has been carried out is not a guarantee as to the future viability of an enterprise, it is extremely
important that the auditors carry out their assignments with utmost professional care and
sincerity, to uphold the faith posed by the public in them.
The insurance audit is a process common to the insurance industry. We perform an audit to
ensure you have paid no more than the appropriate premium for your exposure. An accurate audit
is a benefit to you and your business and could save you time and money.
An insurance audit is when as insurance company checks on the payroll or revenues of a
customer or policy holder, to ensure that the policy reflects accurate rating information. Audits
are common with all workers compensation policies, many general liability policies, as well as
some marine policies and other kinds of insurance.
INDEX
Meaning
AAS 1: Basic principles
AAS2: Objective and scope of financial
statements
AAS3: Audit documentation
AAS5: Audit evidence
AAS8: Audit planning
5 Conclusion 27
6 Bibliography 28