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COSO - Integrated Internal Control Framework
COSO CONTROL COMPONENT: MONITORING CONTROL ACTIVITIES
COSO PRINCIPLE NO. 16 & 17
COSO CONTROL OBJECTIVE: INSURANCE.
COSO ORGANIZATION LEVEL OF RESPONSIBILITY: BUSINESS UNITS AND ACTIVITY LEVEL

Carry out the monitoring activities on internal controls implemented in the organization as per listed below procedures and prepare an evaluation of internal controls
the deficiencies identified during the evaluation of internal controls. you can prepare an Internal Audit report for communicating the internal control deficiencies iden

Objective:

1) Ensure that all relevant risk relating to the business and operational are identified, assessed and insured.
2) Ensure that competent, reliable and stable insurance companies are hired and insurance coverage is recorded timely.
3) Ensure that relevant insurance expenses are determined and accounted for correctly.
4) Ensure that all relevant Insurance claims are properly costed.

Objective & I. C.
Auditor Time Date Date Checked
Questionnaire Audit Procedures WP Ref
Initials Spent Expected Finished By:
Ref.

Discuss with management in order to identify


1.1 how all risk associated are covered.
Objective & I. C.
Auditor Time Date Date Checked
Questionnaire Audit Procedures WP Ref
Initials Spent Expected Finished By:
Ref.
Check that all the risk highlighted by the
1.2 management are properly covered by an
insurance policy.

Verify that how often the insurance coverage


1.3 are reviewed by the management.

Obtain a list of all insurance policies and


1.4 select a sample from the population.

Evaluate that all the insurance policies are


1.5 update and properly approved by the
management.

Discuss with management and obtain


1.6 understanding of how the insurance
coverage is obtained.

Verify the reasonableness of the insurance


policy by comparing the insured value with
1.7 the asset market/historical/replacement
value.

Obtain the list of all insurance policies which


are taken during the course of review and
1.8 select a sample from the population.

Check that all the insurance policies are


1.9 appropriately approved in accordance with
the authorization matrix.
Objective & I. C.
Auditor Time Date Date Checked
Questionnaire Audit Procedures WP Ref
Initials Spent Expected Finished By:
Ref.

Ensure that proper procedures are available


in order to identify any invalid ,unauthorized
1.10 or unnecessary insurance coverage.

Discuss with management and ensure that


how the change in the business operations
1.11 are evaluated for insurance purpose.

Obtain a list of newly acquired assets or


1.12 operations and verify that all are properly
insured.

Check that all the insurance policies are


periodically reviewed by the management in
1.13 order to ascertain all are economical and
warranted.

Discuss with management and identify how


1.14 the documented policies are properly
reviewed.

Identify the course of action in case of any


inappropriate conditions/unreasonable
1.15 clauses mentioned in the policies.

Verify that proper course of action is there in


1.16 case of any unusual instances occurred
during the course of review.
Objective & I. C.
Auditor Time Date Date Checked
Questionnaire Audit Procedures WP Ref
Initials Spent Expected Finished By:
Ref.

Discuss with management and obtain


1.17 understanding of the procedure available for
storage of insurance certificates.

Check that all the insurance policies are


1.18 appropriately protected.

Evaluate the personnel having access right


1.19 to such policies and check the
reasonableness of such access right.

Discuss with management and obtain


2.1 understanding of the research done prior to
selecting insurance provider.

Check that proper documentations are


available in order to assess the current
2.2 insurer and reasonableness of such decision
taken by management.

Discuss with management and identify the


2.3 procedure for keeping records of the
insurance policies.

Physically visit the premises where all the


insurance policies are kept in order to ensure
2.4 that all policies are maintained appropriately.
Objective & I. C.
Auditor Time Date Date Checked
Questionnaire Audit Procedures WP Ref
Initials Spent Expected Finished By:
Ref.
Check that all the original copies of the
2.5 insurance polices are adequately protected.

Ensure that all related records and


2.6 documents are properly maintained.

Examine that the detail of insurance policies


2.7 are appropriately reviewed by the
management.

Verify and review the analysis prepared by


the management in relation to the insurance
3.1 cost and ensure that it is cost effective.

Discuss with management and identify how


3.2 they ensure that all insurance coverage as
per requirement are taken.

Check that all areas are properly insured in


3.3 accordance with the relevant law.

Check the procedure available for


determining the method of insurance
3.4 premiums payment and ensure that all are
properly authorized.

Obtain the list of payments made during the


3.5 course of review and select a sample from
the population.
Objective & I. C.
Auditor Time Date Date Checked
Questionnaire Audit Procedures WP Ref
Initials Spent Expected Finished By:
Ref.
Verify that all the insurance payment are
3.6 appropriately approved.

Evaluate the process for renewal of expired


3.7 insurance policies.

Check that all renewal of policies are


3.8 properly review and authorized by the
management.

Discuss with management and obtain


4.1 understanding of how the assessment is
made of insurance claims.

Verify through proper documentation as a


4.2 supporting evidence that an assessment of
the claims is properly performed.

Check that all the insurance claims are


4.3 appropriately authorized in accordance with
authorization matrix.

Discuss with management and identify the


4.4 process through which insurance claims are
properly costed and settled.

Obtain the list of all insurance claim during


4.5 the course of review and select a sample
from the population.

Check that selected insurance claims are


4.6 correctly costed and settled.
Objective & I. C.
Auditor Time Date Date Checked
Questionnaire Audit Procedures WP Ref
Initials Spent Expected Finished By:
Ref.

Verify that all insurance claims are


4.7 appropriately reviewed by the management
periodically.

Discuss with management and identify how


4.8 the insurance claims proceeds are recorded.

Obtain the list of all insurance polices issued


4.9 during the course of review and select a
sample from the population.

Verify the payment through comparing the


payment from the policy and general ledger
4.10 and ensure that all are accounted for
correctly.
dures and prepare an evaluation of internal controls and communicate
communicating the internal control deficiencies identified.

ed timely.

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