based on the data below, giive ur owwn refleccction about the Accounting Considerations in Audit for mining industry

Ill. Audit Considerations . One of the most challenging part of auditing a non-life insurance company is measuring its liability. There are cases in which Unexpired Risk Reserve (URR) may be greater than Unexpired Premium Reserve (URP). This instance may indicate that the contract may be onerous, possible loss, unprofitable policy, and operation issues. Therefore, it is crucial to adhere to the valuation standards. Another complexity that an auditor can encounter are claims on liabilities for insured incidents that happened before year end that were incurred but not reported. . Audit Procedures The audit procedures that auditor mostly do is to audit the compliance of insurance companies Audit procedures of insurance companies basically revolve around risk assessment process, test of controls, and test of details. However, prior audit procedures, an auditor must first grasp and understand the fundamental controls and application of the IT system that formulats the financial statement of the company. In Risk Assessment Process, the critical areas to consider involves logical access management in which only certain employees can acess the system. Change management is also important as changes in the system has to be tested first before it implemented. While in testing controls, auditors only test control that can impact on the financial statement of the company