What are the special consideration of auditing in life insurance business?
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One of the special consideration that makes audit of life insurance company is that the financial statements are prepared with respect to the Life Insurance Act, 1956 and guidelines issued by Insurance Regulatory and Development Authority (IRDA) Act, 1999. Life Insurance also high investments in the market with long term investment horizon, it is required to check the valuation and other features of the investments. There are also special requirements imposed by the government and it is required to check whether those are complied.
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