NATIONAL INSURANCE ACADEMY

PUNE

P682 - PROGRAMME ON AUDIT & ACCOUNTING STANDARDS (LIC)

(2024 - 25)

Background:

Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting Standard adopted by companies in India. It was issued under the supervision of Accounting Standards Board (ASB) constituted as a body in the year 1977. ASB is a committee under Institute of Chartered Accountants of India (ICAI) consisting of representatives from government departments, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc. ICAI is an independent body formed under an act of parliament.

Companies are required to follow Ind-AS either voluntarily or mandatorily. Once a company follows Ind-AS, either mandatorily or voluntarily, it can't revert to old method of accounting.

Financial statements have incredible importance for both internal and external stakeholders. They basically are a report card of the performance of the company. It is, therefore, important that they are regulated and do not report misleading information. The Accounting Standards (AS) provide us with a framework for this regulation.

Learning Objective:

§  To learn about recognition of financial events

§  To Learn Measurement of financial transactions

§  To learn Presentation of financial statements in a fair manner

§  To learn Disclosure requirement of companies to ensure stakeholders are not misinformed.

§  To learn about reliability & comparability of financial statements

§  To enhance the awareness, understanding of participants about IND-AS and increase their operational competencies.

Contents:

§  Basic principles of auditing & auditing techniques

§  IND-AS (By LIC Faculty only)

§  Role of auditors in a life insurance company/understanding basic functions of life insurance business

§  Overview of auditing standards

§  Overview of Current accounting standards, IND-AS (Accounting Standards)/GAAP/ IFRS

§  Forensic audit and cyber frauds in Life Insurance business

§  Regulatory requirement and auditing

§  Information System Audit of Life Insurance companies

§  Consolidation of accounts and auditing

§  Listing of companies & Embedded Value

§  Accounting Regulations of IFRS/IND AS (all IND AS applicable to insurance industry as per IRDAI)

§  Case studies

Participants Profile:

Officers in the cadres of AAOs/AO/ADM/DM/SDM in the F&A Departments of DO/ZO/CO (F&A) Departments preferably Chartered Accountants. Nominations to be made by the respective HRDs.

Duration:       3 days

Dates:

     I.     13.01.2025 - 15.01.2025 

  II.     03.02.2025 - 05.02.2025