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Using Claims Auditing Services To Monitor Self Insured Retentions (SIRs)

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Carriers are seeing many of their policyholders converting more of their traditional insurance coverage to SIRs with the excess carriers attaching at higher levels of coverage. Excess carriers who do not regularly use claims auditing services to monitor the process may be leaving themselves open to additional and unnecessary expenses or liability. SIRs And Claims Auditing Services Policyholders use SIRs to reduce insurance costs. Some policyholders create internal claim departments to manage the claims, although many employ TPA services to do the job. In either case, the excess carrier has less control over how the policyholder's claims are being handled than they would with a more traditional "dollar one" insurance program. With more people involved in the claims process than with traditional programs, there is a greater chance for error. The TPA services provider and the policyholder are protected from large claims by the excess policy, but this can ...
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A Guide to Auditing Top Management and the Internal Audit Checklist

Organizations must audit the processes associated with top management as part of an effective internal audit program. These processes include those relating to strategic planning, the establishment of policies and objectives, ensuring effective communication and ensuring the availability of resources. Auditing management or directors is often seen as a sensitive issue but by considering each management activity as a normal organizational process, it becomes much easier to focus on determining whether the outputs of their activities are effective. How to Audit Top Management By using a formal risk-based approach to internal audit planning, as required by ISO 9001, auditors have a great opportunity to engage top management in the audit process. By making management part of the planning process and by giving them ownership of the areas to be audited, the internal audit becomes a valuable mechanism for development. A good starting point is to copy, into the audit checklist, all r...
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Project Audits

Most of the processes your organization uses have audits and so should your project management processes. It's just as important to audit your projects as it is to audit your quality assurance processes. The PMBOK describes the audit as a "structured independent review to determine if project activities comply with organizational and project policies, and procedures." There are many different views and approaches to project audits out there but we're going to hue to the PMBOK approach with this article. This approach imitates the approach used for financial audits where the auditors are a firm contracted for the purpose. While it is possible to bring outside auditors in to perform your project audit, it is also possible to identify and train internal auditors. Should your organization boast a Project Management Office (PMO), or Project Management Center (PMC), that group should provide the service. Keep the objective of the audit in mind when conducting your proj...
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What Exactly is Entailed in a Financial Statement Audit Report?

An accounting audit report gives the complete financial perspective of a company, and is prepared at the end of the financial year. This document is of use to all who want an exact picture of the functioning of the company. The aim of this document is to provide insights into the functioning as well as profitability and viability of the company as a commercial enterprise. The benefit to those who study this report is that they get the real picture from studying all the information that it holds, which is certified to be true and materially accurate. The reporting period is referred to as a financial year and this pertains to the start of the accounting year i.e. the day following the end of the previous financial year. In case of a new company, this is the day of formation of the new company. Preparation and filing of accounts The procedure of filing audit reports applies to all public companies, even if they are filing for exemptions based on the contents of the report. Every co...
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Accounting Firms in Singapore Offer Customized Accounting Services to Small Business Owners

The Accounting and Corporate Regulatory Authority (ACRA) of Singapore regulate the businesses, public accountants, and the accounting services in Singapore. ACRA, unlike other government regulators, also facilitates for the promotion of these entities. As a national regulator, ACRA demands strict statutory compliance from these entities. For this reason, Singapore businesses are better off with the assistance of accounting services in Singapore. Compared to other countries, it is easier, seamless and effortless to open a company in Singapore. Although it depends on individual choices, ACRA advises foreigners to take assistance from external firms offering Singapore company registration services. There are many firms in Singapore offering incorporation services along with many other corporate business services like, accounting, auditing and taxation to different national and international clients. Accounting Services for Small and Medium Enterprises in Singapore Singapore...
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