Finance & Insurance Industries

FRAS International LLP plays a vital role in the Finance and Insurance sectors, offering services as internal auditors, tax consultants, and strategic advisors. We are committed to ensuring compliance with regulations while enhancing financial performance and managing risks in complex environments.

Our Responsibilities in the Finance Industry

• Statutory Audits: We conduct thorough audits of financial statements to ensure they accurately represent a "true and fair" view, in accordance with accounting standards (GAAP/IFRS).
• Financial Reporting & Analysis: We prepare balance sheets and profit & loss accounts, and analyse financial data to support informed strategic decisions about funding, stocks, or investments.
• Risk Management: Our team identifies and mitigates financial risks, including credit, market, and operational risks, to safeguard organizational stability.
• Internal Audits & Controls: We assess internal control systems and standard operating procedures (SOPs) to prevent fraud and enhance accountability.
• Corporate Finance & Advisory: We provide expert advice on capital structuring, mergers, acquisitions, and fundraising strategies.

Our Responsibilities in the Insurance Industry

• IRDAI Compliance & Reporting: We ensure compliance with the Insurance Act of 1938 and IRDA regulations, including the timely filing of monthly, quarterly, and annual reports.
• Solvency Margin Verification: We monitor and certify that insurers meet the required solvency ratio, ensuring their assets exceed liabilities.
• Investment Audits (IRMS): We perform audits of Investment Risk Management Systems every two years to ensure adherence to established investment policies.
• Actuarial Review: Our team comments on the assumptions made by actuaries in valuing liabilities, providing valuable insights into their validity.
• Premium & Claim Audits: We verify the premium collection process, oversee timely commission payments to agents, and check the efficiency of claim settlement procedures.

We Provide Specialized Services in

• Forensic Accounting: We investigate potential financial fraud, embezzlement, or misconduct with a keen eye.
• Taxation & Litigation: Our experts manage complex tax assessments (Section 44 of the Income Tax Act) and represent insurers in case of disputes.
• Cybersecurity Audit: We evaluate digital security systems per the latest IRDAI guidelines (April 2023 revisions) to ensure the protection of policyholder data.
• IT GC Audits: We review IT General Controls (ITGC) to ensure the reliability of integrated insurance software.

For more information on how we can support your organization, please contact us or Visit us our Office.