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A

Project
On
Standards on Auditing of Bajaj Alliance Life
Insurance Co. Ltd
SUBMITTED BY
YATRI CHANDRESH SHAH ROLL NO.76
MASTER OF COMMERCE PART II SEMESTER IV
PROJECT GUIDE
PROF. ANITA AGARWAL
SUBMITTED TO
UNIVERSITY OF MUMBAI
RAJASTHANI SAMMMELANS
GHANSHYAMDAS SARAF COLLEGE
OF ARTS & COMMERCE
AFFILIATED TO UNIVERSITY OF MUMBAI
REACRREDATED BY NAAC WITH A GRADE
S.V ROAD, MALAD (WEST),
MUMBAI 400 064
A.Y. 2016-2017
RAJASTHANI SAMMMELANS
GHANSHYAMDAS SARAF COLLEGE
OF ARTS & COMMERCE
AFFILIATED TO UNIVERSITY OF MUMBAI
REACRREDATED BY NAAC WITH A GRADE
S.V ROAD, MALAD (WEST),
MUMBAI 400 064
A.Y. 2016-2017
CERTIFICATE

I Prof. Anita Agarwal hereby certify that YATRI CHANDRESH SHAH


a student of Ghanshyamdas Saraf College of Arts & Commerce,
M.Com II, and Semester- IV has completed Project on Standards
on Auditing of Bajaj Alliance Life Insurance Co. Ltd in the
Academic Year 2016-2017

Thus information submitted is true & original to the best of my


Knowledge

Project Guide: Prof. Anita Agarwal Principal: Dr. Sujata


Karmarkar

Date:

External Examiner:

Date: College Seal:


ACKNOWLEDGEMENT

I take this opportunity to thank the UNIVERSITY OF MUMBAI for


giving me a chance to do this project.
I express my sincere gratitude to the Principal Dr. Sujata
Karmarkar, Chief Co-coordinator & Guide Prof. Anita S. Agarwal
teaching faculty and our Librarian for their constant support &
helping for completing the project.
I am also grateful to my friends for giving me moral support
during the course of my project work. Lastly, I would like to thank
each & every person who helped me in completing the project
successfully especially MY PARENTS.

Signature
YATRI CHANDRESH SHAH
DECLARATION

I YATRI CHANDRESH SHAH a student of Ghanshyamdas Saraf


College of Arts & Commerce, Malad (W), M.Com II, Semester Iv
hereby declare that I have completed project on Standards on
Auditing of Bajaj Alliance Life Insurance Co. Ltd in the
academic year 2016-2017. This information submitted is true &
original to the best of my knowledge.

Date: Signature
EXECUTIVE SUMMARY

As the trade and commerce grew extensively globally, the involvement of public money therein
also increased manifolds. This in turn created a demand from the investors to have the accounts
of the business ventures examined by a person independent of the owners and management of
the business to ensure that they were correct and reliable. Such a demand laid down the
foundation for the profession of auditing. The extent of reliance placed by the public on the
auditors has increased so much with time that it is, unreasonably of course, felt by the public that
nothing can go wrong with an organization which has been audited. Though the fact that an audit
has been carried out is not a guarantee as to the future viability of an enterprise, it is extremely
important that the auditors carry out their assignments with utmost professional care and
sincerity, to uphold the faith posed by the public in them.
The insurance audit is a process common to the insurance industry. We perform an audit to
ensure you have paid no more than the appropriate premium for your exposure. An accurate audit
is a benefit to you and your business and could save you time and money.
An insurance audit is when as insurance company checks on the payroll or revenues of a
customer or policy holder, to ensure that the policy reflects accurate rating information. Audits
are common with all workers compensation policies, many general liability policies, as well as
some marine policies and other kinds of insurance.
INDEX

Chapter Name Page No


Sr. No
1 Introduction 1
Need of the Study
Objective of the Study
Data Collection
Limitations of the Study
Research methodology
2 Bajaj Allianz Life Insurance Co. Ltd 5
Profile
Auditing
i) Independent Auditors report
ii) Auditors Responsibilities
iii) Independent Auditors Certificate
iv) Profit & Loss Statement
v) Balance Sheet
vi) Cash Flow Statement
3 Auditing 18
Meaning & Definition
Features
Advantages
4 Standards on auditing 21

Meaning
AAS 1: Basic principles
AAS2: Objective and scope of financial
statements
AAS3: Audit documentation
AAS5: Audit evidence
AAS8: Audit planning
5 Conclusion 27
6 Bibliography 28