Newsletter
INSURERS MUST COMPLETE INTERNAL CONTROL MECHA-NISMS BY JUNE 2003
According to the MOF Regulations Governing Implementation of Internal Control and Audit Systems by Insurance Enterprises, promulgated on 20 December 2001, when an insurance com-pany has its annual financial reports and state-ments audited and certified by a certified public accountant (CPA), it should also commission the same CPA to audit its internal control systems. However, the MOF Department of Insurance recently stated that because it was too late for the necessary work to be completed by April 2003, it had extended this year's period for the submis-sion of CPAs' audit reports on internal control systems until 30 June.