NATIONAL INSURANCE ACADEMY
PUNE
P682 - PROGRAMME ON AUDIT & ACCOUNTING STANDARDS
(LIC)
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.
Objectives:
§
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.
Trainees nominated for this programme in the last
two years should not be renominated.
Duration:
2
days
I.
14.07.2025
- 15.07.2025
II.
25.08.2025
- 26.08.2025
III.
18.11.2025
- 19.11.2025