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External Audit Check List

General Information

Company name and address

Date of audit

Audit team members

Audit scope and objective

Governance and Compliance

Compliance with regulatory requirements

Board of directors' composition and independence

Internal controls and risk management processes

Compliance with industry codes of practice

Financial Reporting

Financial statements accuracy and completeness

Compliance with accounting standards and policies

Adequacy of financial disclosures

Existence and valuation of assets and liabilities

Management's representations and disclosures

Underwriting and Claims

Underwriting policies and procedures

Documentation and approval of underwriting decisions

Claims management and reserving practices

Compliance with policy terms and conditions

Reinsurance arrangements and recoveries

IT Systems and Data Security

IT infrastructure and controls

Data privacy and protection measures

Disaster recovery and business continuity plans

IT system access controls and user management

Compliance with data protection regulations

Internal Controls and Processes

Internal audit findings and recommendations

Segregation of duties and authorization controls

Monitoring and reporting of compliance breaches

Fraud prevention and detection measures

Documentation and record-keeping practices

Human Resources and Training

Staff qualifications and competence

Training and development programs

Performance evaluation and incentives

Code of conduct and ethics policies

Grievance procedures and employee satisfaction surveys

Insurance Products and Pricing

Product design and development processes

Compliance with product approval regulations

Pricing models and actuarial assumptions

Policy wordings and contract terms

Marketing and advertising compliance

Customer Service and Complaints Handling

Customer service standards and procedures

Complaints handling and resolution processes

Customer feedback and satisfaction monitoring

Early dispute resolution mechanisms

Regulatory reporting of complaints

Outsourcing and Vendor Management

Outsourcing agreements and service level agreements

Vendor selection and due diligence processes

Monitoring and review of vendor performance

Data protection and confidentiality agreements

Contingency plans for vendor failure or disruption

Conclusion and Recommendations

Summary of audit findings

Identified deficiencies and areas of improvement

Recommendations for remedial actions

Management's response and action plan

Follow-up and monitoring process

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