The Particularities of Insurers` Financial Statements

Author:Professor Horia Ion NEAMÅ¢U, Ph. D., Ligia-Georgiana IVAZ, Ph. D. Student



Keywords:insurance, audit, actuary, Romania, financial statements, solvency

The main objective of the paper is to present in a synthetic manner the background of the regulation framework and the particularities of the insurers financial statements audit in order to facilitate the understanding of the role and the responsibilities of statutory auditors towards the financial statements users. The understanding of the role and responsibilities of insurers` statutory auditors has a significant importance in planning the audit missions, in assuring a qualitative financial audit of insurers` financial statements and in assuring a favorable environment for the development of the insurance sector, especially under the current financial crisis. \r\nThe article deals with specific aspects that have a significant importance for the financial statements audit of an insurance company, like the insurers` technical reserves and the role of the actuary in their audit, the risk management systems and their impact on the financial information, the role of internal audit and internal controls, the adequacy of the reinsurance programs. The research results are synthesized in the main objects that should be part of the audit plan. \r\n