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Audit of the effectiveness of the insurance organization's internal control system

Vol. 23, Iss. 2, FEBRUARY 2020

Received: 5 February 2020

Received in revised form: 10 February 2020

Accepted: 11 February 2020

Available online: 14 February 2020

Subject Heading: AUDIT ACTIVITY

JEL Classification: M41, М42, G22

Pages: 168–189


Turgaeva A.A. Astrakhan State Technical University (ASTU), Astrakhan, Russian Federation


Subject This article discusses the issues of assessment of the effectiveness of the internal control system of insurance companies.
Objectives The article aims to explore approaches to the criteria for the effectiveness of the internal control system, describe how such systems are assessed in an insurance organization and propose a new approach to such assessment based on quantitative and qualitative criteria.
Methods For the study, I used the techniques and methods of economic analysis, and the systems and integrated approaches.
Results The article proposes a plan to audit the effectiveness of the internal control system of the insurance organization and an original approach to assessing the effectiveness of such a system on the basis of quantitative and qualitative criteria. It also identifies certain conditions for the recognition of the internal control system of the insurance organization as effective.
Conclusions The implementation of internal control at the insurance organization is not possible without a system built in accordance with the current legislation, trends of the insurance market, as well as the experience of other financial organizations. However, due to the specifics of insurance companies' activities, the evaluation of the effectiveness of such a system should not be completely identical to that of credit institutions, allowing new approaches to assess the effectiveness of the insurance company's internal control system.

Keywords: audit, internal control, insurance company, efficiency, assessment, integrated index, assessment methods


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ISSN 2311-9381 (Online)
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