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External Audit Check List

General Information

Organization's name and address

Date of the audit

Audit team members

Compliance with Regulatory Requirements

Review of legal and regulatory requirements applicable to the insurance industry

Verification of compliance with licensing and registration requirements

Assessment of adherence to reporting and disclosure obligations

Evaluation of compliance with anti-money laundering and fraud prevention regulations

Review of consumer protection measures and compliance with relevant laws

Financial Controls and Reporting

Review of financial statements, including income statements, balance sheets, and cash flow statements

Assessment of compliance with accounting standards and principles

Evaluation of internal controls over financial reporting

Verification of adequacy of reserves and provisions

Examination of investment policies and compliance with investment regulations

Risk Management and Internal Controls

Assessment of the organization's risk management framework and policies

Evaluation of internal control systems and processes

Review of risk mitigation strategies and controls

Verification of compliance with corporate governance requirements

Examination of disaster recovery and business continuity plans

Underwriting and Claims Management

Assessment of underwriting policies and procedures

Evaluation of claims management processes and controls

Verification of adherence to pricing and rating standards

Examination of policy documentation and contract terms

Review of claims settlement practices and compliance with regulatory guidelines

Customer Service and Complaint Handling

Review of customer service policies and procedures

Assessment of complaint handling processes and controls

Verification of adherence to service level agreements

Evaluation of customer communication and disclosure practices

Examination of customer feedback mechanisms and resolution of complaints

IT Systems and Security

Assessment of IT infrastructure and systems used by the organization

Evaluation of data security measures and controls

Verification of backup and recovery procedures

Review of IT governance policies and practices

Examination of IT disaster recovery plans and testing protocols

Human Resources and Training

Review of HR policies and procedures

Assessment of employee training programs and compliance with industry standards

Verification of employee qualifications and certifications

Evaluation of performance management systems

Examination of diversity and inclusion initiatives

Outsourcing and Vendor Management

Assessment of vendor selection and due diligence processes

Evaluation of vendor performance monitoring and management

Verification of compliance with outsourcing regulations

Review of contracts and service level agreements with third-party providers

Examination of business continuity plans for outsourced services

Follow-up and Corrective Actions

Documentation of audit findings and recommendations

Identification of non-compliance issues and areas for improvement

Development of an action plan to address identified deficiencies

Monitoring of corrective actions and implementation of necessary changes

Follow-up audit to assess the effectiveness of corrective actions taken

Note: This checklist is a general guide and may need customization based on specific organizational requirements and regulatory frameworks.

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