Internal auditing in insurance companies – the opportunity to add value


The author traces the position of internal audit represented in Serbian regulatory rules as well as in local corporate practices, emphasizing attributes of internal audit regulation andpractices in insurance industry. The comparison of internal audit practices deployed in local insurance companies with the best practice, confirms that the actual regulation has influenced adoption and development of good internal audit practices, but concurrently depicts other reguirements to be established in order the overall potential of internal audit should be recognized and utilized by both management and internal audit practitioners. Although the traditional assurance in adequacy and efficiency of internal control system, together with the recommendations for corrections and improvements, is only one of many internal audit services, it is often the only service scheduled and provided by internal audit functions in our local circumstances.