ПРЕДИЗВИКАТЕЛСТВА ПРИ ОСЪЩЕСТВЯВАНЕ НА НЕЗАВИСИМ ФИНАНСОВ ОДИТ НА ФИНАНСОВИТЕ ОТЧЕТИ НА ЗАСТРАХОВАТЕЛИТЕ
CHALLENGES FACED DURING THE INDEPENDENT FINANCIAL AUDIT OF FINANCIAL STATEMENTS OF INSURERS

Author(s): Maia Natchkova
Subject(s): Economy, Accounting - Business Administration
Published by: Икономически университет - Варна
Keywords: insurers; insured persons; insurances; independent financial audits; annual financial statements
Summary/Abstract: This publication focuses on the challenges faced during the independent financial audit of insurers‘ specific financial statements. It highlights some more important and specified audit procedures performed by the certified public accountants, registered auditors while carrying out independent financial audit of insurers‘ financial statements, aimed at identifying a reliable basis for expressing auditor‘s opinion with regard to the observance of the ―going concern‖ accounting principle. Special attention is paid to the specific business pursued by insurers within high-risk environment, which results in the establishment of specific items of accounting, analysis and independent financial audit. The independent financial audit facilitates adequate management decision-making and achievement of good results by means of skillful planning and pursuit of insurance business, enabling insurers to survive and flourish under market economy conditions, to be financially stable, solvent and to achieve good financial performance, to properly raise, control and invest and spend funds raised by the insurance funds they manage through the contributions of insured and insuring parties. This publication may be used for carrying out different types of financial audit – internal audit carried out by the intracompany management structures of the insurers; independent financial audit carried out by certified public accountants, registered auditors, and external audit carried out by the governmental supervisory, financial and other authorities in terms of insurers‘ business taxation.

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