Describe the Two Tests Auditors Can Perform to Test for the Existence

question 6

Essay

Describe the two tests auditors can perform to test for the existence and omissions of insurance policies in force.

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Definitions:

Minimum Standards

Regulations or guidelines that establish the lowest acceptable limits or requirements for a specific action, performance, product or outcome.

Stakeholders

Individuals or groups that have an interest, concern, or stake in a project, company, or decision, affecting or being affected by the outcome.

Employees

Individuals hired by a business or organization to perform work in exchange for compensation.

Social Responsibility

The idea that entities, whether individuals or organizations, are obligated to act for the benefit of society at large.