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International Accounting
 

The process of internal audit in the insurance company during the adoption of a new chart of accounts and sectoral accounting standards

Vol. 19, Iss. 9, MAY 2016

PDF  Article PDF Version

Received: 17 February 2016

Received in revised form: 10 March 2016

Accepted: 15 March 2016

Available online: 17 May 2016

Subject Heading: NATIONAL STANDARDS OF ACCOUNTING AND REPORTING

JEL Classification: G22, M42

Pages: 2-10

Tsyganov A.A. Financial University under Government of Russian Federation, Moscow, Russian Federation
al_ts@rambler.ru

Bryzgalov D.V. Financial University under Government of Russian Federation, Moscow, Russian Federation
dbryz@inbox.ru

Importance Insurance companies in the Russian Federation are to adopt a new Unified Chart of Accounts and sectoral accounting standards starting from 1 January 2017, as prescribed in the Information Letter of the Central Bank of Russia On Commencement of Using the Chart of Accounts and Sectoral Accounting Standards for Non-Credit Financial Institutions.
Objectives The research reviews some aspects of implementing the Unified Chart of Accounts and sectoral standards.
Methods Using general scientific methods of cognition, we examined the process of adopting the new Chart of Accounts and sectoral accounting standards.
Results We propose our own methods for arranging the internal audit of adopting the new Chart of Accounts and sectoral accounting standards in the insurance company. The article provides our recommendations for preparing the plan and report of the internal auditor in the insurance company.
Conclusions and Relevance The adoption of the Unified Chart of Accounts and sectoral accounting standards can be considered as one of the most outstanding facts in the rearrangement of business process in the latest history of the insurance market of the Russian Federation. The internal auditor of the insurance company should be involved in the process. The proposed methods will allow the head of the internal audit department to find the most material aspects of internal audit when the company adopted a new Chart of Accounts and sectoral accounting standards, thus improving the performance of the department.

Keywords: internal audit, insurance company, unified chart of accounts, training

References:

  1. Gryzenkova Yu.V., Ermolaev G.B. [Requirements to information transparency in the Russian insurance market]. Strakhovoe delo = Insurance Business, 2009, no. 8, pp. 16–23. (In Russ.)
  2. Bryzgalov D.V. [Specifics of the risk-oriented internal audit in insurance companies]. Auditor, 2015, no. 4, pp. 40–47. (In Russ.)
  3. Kaz'yanina S.A. [Issues of financial reporting in insurance companies under IFRS]. Audit i finansovyi analiz = Audit and Financial Analysis, 2012, no. 3, pp. 19–28. (In Russ.)
  4. Kirillova N.V. [Current issues of the insurance market development]. Vestnik Finansovogo universiteta = Bulletin of Financial University, 2014, no. 1, pp. 129–138. (In Russ.)
  5. Tsyganov A.A. [Financial transparency and disclosure of information in insurance business]. Finansy = Finance, 2004, no. 6, pp. 50–54. (In Russ.)

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