NATIONAL INSURANCE ACADEMY
PUNE
P682 - PROGRAMME
ON AUDIT & ACCOUNTING STANDARDS (LIC)
(2023-24)
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.
Ø
To learn about recognition of
financial events
Ø
To Learn Measurement of
financial transactions
Ø
To learn Presentation of
financial statements in a fair manner
Ø
To learn Disclosure
requirement of companies to ensure stakeholders are not misinformed.
Ø
To learn about
reliability & comparability of financial statements
Ø
To enhance the
awareness, understanding of participants about IND-AS and increase their
operational competencies.
Contents:
Ø
Basic
principles of auditing & auditing techniques
Ø
Role
of auditors in a life insurance company/understanding basic functions of life
insurance business
Ø
Overview
of auditing standards
Ø
Overview
of Current accounting standards, IND-AS (Accounting Standards)/GAAP/ IFRS
Ø
Forensic
audit and cyber frauds in Life Insurance business
Ø
Regulatory
requirement and auditing
Ø
Information
System Audit of Life Insurance companies
Ø
Consolidation
of accounts and auditing
Ø
Listing
of companies & Embedded Value
Ø
Accounting
Regulations of IFRS/IND AS (all IND AS applicable to insurance industry as per
IRDAI)
Ø
Case
studies
Participants
Profile:
Officers in the
cadres of AAOs/AO/ADM/DM/SDM working in DO/ZO/CO preferably Chartered
Accountants. Nominations
to be made by the respective HRDs.
Dates:
I.
04.09.2023-06.09.2023
II.
12.02.2024- 14.02.2024