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1. Audit of Insurance Company.
Jubliee General Insurance.

2. Contents.
• Insurance Companies.
• How Insurance Works.
• Types of Insurance.
• Steps to carry out the audit of Jubliee
Motor Insurance.
• Auditor’s Report and its Types.
• Specimen of Auditor’s Report

3. What is Insurance?
Insurance is a means of protection from financial
loss.
• Insurance Company.
A company that offers insurance policies to the
public.
Insurance company usually comprised of multiple
insurance agents.

4. How Insurance Works?

5. Cont.

6. Cont.

7. Types of Insurance.
• Some of the usual types of insurance are as follow.
 Life Insurance.
 Accident & Health Insurance.
 Fire & Wind Insurance.
 Property Insurance.
 Marine Insurance.
 Surety Insurance.

8. Jubliee General Insurance.
VISION
• To enable people to overcome uncertainty.
MISSION
• To provide solutions to protect the future of our
customers.

9. Preliminary Work
• Accounts are prepared according to ICA.2000 &
1984.
• Knowledge about Internal Control System.
• Understanding about an organization structure.

10. Steps Adopted by Auditor while carrying
out an audit of Jubliee Motor Insurance
• Regulatory Enviornment.
• Revenue Recognition.
• Investment in Securities.
• Investment in Govt. Securities.
• Uncollected Premium.

11. Contd.
• Agents Balances.
• Commission Payments.
• Bonuses,Trips & Awards.
• Annuity Policies.
• Reinsurance.

12. Contd.
• Payment of Claims.
• Policy Holders Dividend.
• Real Estate Investment.
• Policy Loans.
• Financial Reporting & Audit Report.

13. Auditor’s Report
“A report through which the auditor expresses a
conclusion or opinion on the financial statements of
company.”

14. Types of Audit Report
On the basis of opinion on the fairness of financial
statements:
 Unqualified Opinion
 Qualified Opinion
 Disclaimer of Opinion
 Adverse Opinion

15. Specimen of an Unqualified Audit Report
of Jubliee General Insurance..
Auditor’s Report
Mr. Towfiq H. Chinoy
The audit was conducted on the 10th day of May, year 2018.
The initial The meeting was successful and the chief auditor
gomeeting was conducted a week prior to the audit.t hold of
permit letter from the organization to carry out the auditor
along with 3 co auditors.
The auditor has assigned the audit an unqualified opinion to
the audit. All the financial statements presented by the
company's manager and employee are accurate and align
with the GAAP principles.

16. Contd.
The company needs to work on its internal environment and
the management of the accounts so that the organized look
can be given to the office. The office decorum needs working
on.
Audit has been successful and declare the company A+ for its
financial standings. The next audit can be done within an
annual time period.
Lahore:30th May,2018
Mr.Farooq Ahmed
Chartered Accountant