The process of internal audit in the insurance company during the adoption of a new chart of accounts and sectoral accounting standards
Importance Insurance companies in the Russian Federation are to adopt a new Unified Chart of Accounts and sectoral accounting standards starting from 1 January 2017, as prescribed in the Information Letter of the Central Bank of Russia On Commencement of Using the Chart of Accounts and Sectoral Accounting Standards for Non-Credit Financial Institutions. Objectives The research reviews some aspects of implementing the Unified Chart of Accounts and sectoral standards. Methods Using general scientific methods of cognition, we examined the process of adopting the new Chart of Accounts and sectoral accounting standards. Results We propose our own methods for arranging the internal audit of adopting the new Chart of Accounts and sectoral accounting standards in the insurance company. The article provides our recommendations for preparing the plan and report of the internal auditor in the insurance company. Conclusions and Relevance The adoption of the Unified Chart of Accounts and sectoral accounting standards can be considered as one of the most outstanding facts in the rearrangement of business process in the latest history of the insurance market of the Russian Federation. The internal auditor of the insurance company should be involved in the process. The proposed methods will allow the head of the internal audit department to find the most material aspects of internal audit when the company adopted a new Chart of Accounts and sectoral accounting standards, thus improving the performance of the department.