Under the leadership of our managing director, Sami Abbas, the second edition of the audit guidelines for the Audit of company insurances, which was first published in 2000, was revised and updated.
Company insurance is an essential tool that can be used to eliminate or reduce risks as part of risk management in the form of risk transfer. These audit guidelines support auditors in auditing company insurances by
- the main types of insurances that are essential for a company are presented
- the conclusion of the contract, the design of the contract, the basis of the contract, the update of the contract, the structure of the premium and the processing of claims are considered from an auditing point of view
- the subject matter of the insurance, the terms of contract, focal points of the audit, audit questions and explanations are presented for individual insurance policies to ensure an appropriate and sufficient risk-oriented audit of the individual insurance policies by the internal audit department on this basis in the interests of corporate management.
With examination guidelines for a total of 35 different insurance policies for practical audit work, expanded compared to the 1st edition to include, for example, cyber risk insurance, ransom insurance (kidnap & ransom) or directors and officers liability insurance (D&O insurance).
