Pamantasan ng Lungsod ng Pasig

College of Business and Accountancy

12-B Alcalde Jose Kapasigan Pasig City

Audit Plan of

MANULIFE PHILIPPINES

Prepared by:
De Vera, Kyle C.
Evangelista, Cristalyn B.
Gabriel, Rosemarie C.
Parlan, Andrea Maey M.
Suelto, Joanne V.

Submitted to:
Prof. Sande Amor

June 2021

Group 8: Manulife Philippines

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2021 AUDIT PLAN for MANULIFE PHILIPPINES

Background

Manulife Financial Corporation is a leading international financial services provider that

helps people make their decisions easier and lives better. Their global headquarters are located in
Toronto, Canada, they operate as Manulife across offices in Canada, Asia including the Philippines,
and Europe, and primarily as John Hancock in the United States. Manulife provides financial advice,
insurance, and global wealth and asset management segment, Manulife Investment Management,
serves individuals, institutions, and retirement plan members worldwide.
Manulife Philippines (also known as The Manufacturers Life Insurance Co. (Phils.), Inc.) is a
life insurance company in the Philippines and part of Manulife Financial Corporation. In 2002,
Manulife acquired the Philippines business of Metropolitan Life Insurance Company, an insurer
based in the United States.

Audit Criteria

The Insurance auditors shall examine policy and liability procedures, risk valuation, tax
documents, and various other financial records of insurance. It is to ensure that proper insurance
rates and premiums are implemented and regulatory laws are being followed by insurance
companies.

Audit Scope

The Manulife objective of the risk assessment exercise is to focus annual activity on the
most important risks faced by the Company while providing appropriate audit coverage over other
areas over time. While still very much risk-based, Manulife does have a cycle element to its
coverage methodology whereby Manulife targets to cover key elements (i.e., auditable entities)
of highest risk units within two (2) years, medium risk over three (3) to five (5) years, and low-risk
units on a five (5) + year cycle (or alternate procedures). The key areas reviewed covered the
following:
1. Anti-Money Laundering and Anti-Terrorism Financing;
2. Insurance Premium;
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3. Bancassurance Sales, Marketing and Distribution Management; and

4. Philippine Data Management and Management Information System Framework.
The scope of Manulife’s work encompasses, but is not limited to, objective examinations
of evidence to provide independent assessments to the Group Audit Committee and Senior
Management on the adequacy and effectiveness of the company’s governance, risk management,
and internal control processes. Internal audit assessments include evaluating:
♡ The comprehensiveness, reliability, and integrity of financial and operating information,
and the means used to identify, measure, analyze, classify, and report such information;
♡ The comprehensiveness and appropriateness of policies and procedures;
♡ The processes that ensure compliance with policies, procedures, laws, and regulations that
could have a significant impact on operations, the management, or financial reporting;
♡ The means of safeguarding assets against accident, theft, malicious damage, or other
improper or illegal activities;
♡ The appropriateness and comprehensiveness of operating standards, the extent to which
they are communicated and understood, and whether deviations from standards are
identified, analyzed, and communicated; and corrective action is taken; and
♡ Consultation and other services related to audit expertise as needs arise.
Audit Team

Lead Auditor: Dr. Kyle C. De Vera, Ph.D., CPA, CMA

Assistant Auditor - The following are the assistants of the lead auditor:
Ms. Cristalyn B. Evangelista, CPA
Ms. Rosemarie C. Gabriel, CPA
Ms. Andrea Maey M. Parlan, CPA
Ms. Joanne V. Suelto, CPA
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Specific Duties of Auditor

The Auditor will carry out the following specific duties:

Oversight of the Independent Auditor
a. Recommend to the Board for approval of the appointment and, when considered
appropriate, the dismissal or removal of the independent auditor to prepare or
issue an auditor’s report or performing another audit, review, or attest services for
the Company (subject to shareholder ratification).
b. Review and approve the scope and terms of all audit engagements and recommend
to the Board the compensation of the independent auditor.
c. Oversee the work of the independent auditor engaged for preparing or issuing an
audit report or performing another audit, review, or attest services (including
resolution of disagreements between management and the independent auditor
regarding financial reporting). The independent auditor shall report directly to the
Committee.
d. Pre-approve all audit services and permitted non-audit services (including the fees,
terms, and conditions for the performance of such services) to be provided by the
independent auditor.
e. When appropriate, the Committee may delegate to one or more members the
authority to grant preapprovals of audit and permitted non-audit services and the
full Committee shall be informed of each non-audit service.
f. Review the decisions of such delegates under subsection (e) above, which shall be
presented to the full Committee at its next scheduled meeting.
g. Evaluate the qualifications, performance, and independence of the independent
auditor, including:
i. reviewing and evaluating the lead partner on the independent auditor’s
engagement with the Company;
ii. considering whether the auditor’s quality controls are adequate and the
provision of permitted non-audit services is compatible with
maintaining the auditor’s independence; and
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iii. addressing any concerns raised by regulatory authorities or other

stakeholders regarding the auditor’s independence.
h. Present its conclusions concerning the independent auditor to the Board of
Directors and, if so, determined by the Committee, recommend that the Board of
Directors take additional action to satisfy itself of the qualifications, performance,
and independence of the independent auditor.
i. Obtain and review a report from the independent auditor at least annually
regarding:
i. the independent auditor’s internal quality-control procedures;
ii. any material issues raised by the most recent internal quality-control
review, or peer review, of the firm, or by any inquiry or investigation by
governmental or professional authorities within the preceding five
years respecting one or more independent audits carried out by the
firm;
iii. any steps are taken to deal with any such issues; and
iv. all relationships between the independent auditor and the Company.
j. At least annually, review and approve the audit plan (including any significant
changes to the audit plan) and, as part of this review, satisfy itself that the audit
plan is risk-based and addresses all the relevant activities over a measurable cycle
and that the work of the independent auditor and Internal Audit is coordinated.
k. Ensure the rotation of the lead (or coordinating) audit partner having primary
responsibility for the audit and the audit partner responsible for reviewing the audit
as required by law. Review and approve policies for the Company’s hiring of
partners and employees or former partners and employees of the independent
auditor.
Check the Financial Reporting
a. Review and discuss with management and the independent auditor the annual
audited financial statements, the results of the audit, any changes to the audit
scope or strategy, the annual report of the auditors on the statements, and any
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other returns or transactions required to be reviewed by the Committee and report

to the Board of Directors before approval by the Board of Directors and the
publication of earnings.
b. Review such returns of the Company as the Superintendent of Financial Institutions
may specify.
c. Review and discuss with the independent auditor and with management the
Company’s annual and quarterly financial disclosures, including management’s
discussion and analysis. The Committee shall approve any reports for inclusion in
the Company’s Annual Report, as required by applicable legislation, and make a
recommendation thereon to the Board.
d. Review the Company’s disclosure policy, which governs the release of information
about the Company and requires timely, accurate, and fair disclosure of such
information in compliance with all legal and regulatory requirements, and
periodically assess the adequacy of procedures regarding disclosure of financial
information.
e. Require management to implement and maintain appropriate internal control
procedures.
f. Oversee systems of internal control and meet with the heads of the oversight
functions, management, and the independent auditors to assess the adequacy and
effectiveness of these systems and to obtain reasonable assurance that the
controls are effective.
g. Review and discuss with management and the independent auditor management’s
report on its assessment of internal controls over financial reporting and the
independent auditor’s attestation report on management’s assessment.
h. Review, evaluate and approve the procedures established under s. 4.2(e).
i. Review such investments and transactions that could adversely affect the well-
being of the Company as the auditor or any officer of the Company may bring to
the attention of the Committee.
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j. Review and discuss with management and the independent auditor the Company’s
quarterly financial statements before the publication of earnings, including:
i. the results of the independent auditor’s review of the quarterly financial
statements; and
ii. any matters required to be communicated by the independent auditor
under applicable review standards.
k. Review and discuss with management and the independent auditor at least
annually significant financial reporting issues and judgments made in connection
with the preparation of the Company’s financial statements, including:
i. key areas of risk for material misstatement of the financial statements,
including critical accounting estimates or areas of measurement
uncertainty;
ii. whether the auditor considers estimates to be within an acceptable
range and the rationale for the final valuation decision and whether it is
consistent with industry practice;
iii. any significant changes in the Company’s selection or application of
accounting or actuarial principles;
iv. any major issues as to the adequacy of the Company’s internal controls;
v. any special steps adopted in light of material control deficiencies, if any;
and
vi. the role of any other audit firm.
l. Review and discuss with management and the independent auditor at least
annually report from the independent auditor on:
i. critical accounting policies and practices to be used;
ii. significant financial reporting issues, estimates, and judgments made in
connection with the preparation of the financial statements;
iii. alternative treatments of financial information within generally
accepted accounting principles that have been discussed with
management, ramifications of the use of such alternative disclosures
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and treatments, and the treatment preferred by the independent

auditor; and
iv. another material was written communications between the
independent auditor and management, such as any management letter
or schedule of unadjusted differences.
m. Meet with the independent auditor to discuss the annual financial statements and
any investments or transactions that may adversely affect the well-being of the
Company.
n. Discuss with the independent auditor at least annually any “management” or
“internal control” letters issued or proposed to be issued by the independent
auditor to the Company and review all material correspondence between the
independent auditor and management related to audit findings.
o. Review and discuss with management and the independent auditor at least
annually any significant changes to the Company’s accounting and actuarial
principles and practices suggested by the independent auditor, internal audit
personnel, or management and assess whether the Company’s accounting and
actuarial practices are appropriate and within the boundaries of acceptable
practice.
p. Discuss with management and approve the Company’s earnings press releases, the
release of earnings projections, forecast or guidance, and the use of non-GAAP
financial measures (if any), and the financial information provided to analysts and
rating agencies.
q. Review and discuss with management and the independent auditor at least
annually the effect of regulatory and accounting initiatives as well as off-balance-
sheet structures on the Company’s financial statements.
r. Discuss with the independent auditor matters required to be discussed by
American Institute of Certified Public Accountants Statement on Auditing
Standards No. 61 relating to the conduct of the audit, including any difficulties
encountered in the course of the audit work, any restrictions on the scope of
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activities or access to requested information and any significant disagreements

with management.
s. Review and discuss with the Chief Executive Officer and the Chief Financial Officer
the procedures undertaken in connection with the Chief Executive Officer and Chief
Financial Officer certifications for the annual and interim filings with applicable
securities regulatory authorities.
t. Review disclosures made by the Company’s Chief Executive Officer and Chief
Financial Officer during their certification process for the annual and interim filing
with applicable securities regulatory authorities about any significant deficiencies
in the design or operation of internal controls which could adversely affect the
Company’s ability to record, process, summarize and report financial data or any
material weaknesses in the internal controls, and any fraud involving management
or other employees who have a significant role in the Company’s internal controls.
u. Meet with the Appointed Actuary of the Company at least annually to receive and
review reports, opinions, and recommendations prepared by the Appointed
Actuary in accordance with the Act, including the parts of the annual financial
statement and the annual return filed under s. 665 of the Act, prepared by the
actuary, and such other matters as the Committee may direct, including the report
on Dynamic Capital Adequacy Testing, which is also reviewed by the Risk
Committee.
v. Receive reports from the Chief Actuary regarding material capital model
modifications and new capital model applications.
w. Discuss with the Company’s General Counsel at least annually any legal matters
that may have a material impact on the financial statements, operations, assets, or
compliance policies and any material reports or inquiries received by the Company
or any of its subsidiaries from regulators or governmental agencies.
x. Meet with the Chief Internal Auditor and with management to discuss the
effectiveness of the internal control procedure established under s. 4.2(e).
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Balance Sheet
The essential points considered during an insurance audit in the Balance Sheet of
the Company are as follows:
1. Investments
The auditor must follow the following prescribed provisions with regards to
the investments. At the time of the inspections of the investments of the
insurance company:
a. An insurance company can invest only in approved securities. However, it
can also invest in securities other than approved securities if the following
conditions are satisfied:
♡ The investment made must not exceed 25% of the total investments
made.
♡ The investment must be made with the consent of the board of
directors.
b. An insurer must not invest in shares or debentures of an insurance or
investment company over least of the following:
♡ 10% of its total calculated assets
♡ 2% of the subscribed share capital or debentures of the investee.
c. An insurance company must not invest in the share or debentures of a
company other than an insurance or investment company above at least
the following:
♡ 10% of its total calculated assets.
♡ 10% of the subscribed share capital or debentures of the investee.
d. An insurance company is not allowed to invest in the shares and debentures
of a private company.
e. The insurance companies are not permitted to invest in funds of their
policyholders outside the country.
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2. Cash and Bank Balances

a. The auditor shall during insurance audit prepare Bank reconciliation
statements.
b. The auditor must obtain the confirmation of Bank Balances for all the
operative and inoperative accounts.
c. The auditor shall physically verify the Term Deposit Receipts that are issued
by the bankers.
d. The auditor shall verify the deposits and withdrawal transactions and also
check if the account is operated by authorized persons only.
e. In case of funds that are in transit, the auditor must verify that the same
amount is appropriately reflected in a reconciliation statement.
3. Outstanding Premium and Agent’s Balances
The audit procedure that may be followed in an agent’s balance is as follows:
a. Verify whether the agent’s balances, as well as outstanding balances in the
outstanding premium accounts, have been listed, analyzed, and reconciled
for audit.
b. Verify whether the recoveries of large and outstanding deposits have been
made during the post-audit period.
c. Check if there are any old outstanding debts or credit balances at the year-
end which need adjustments.
d. Check the agent’s balances that do not include employee’s balances as well
as balances of other insurance companies.
e. Verify that there is no credit of commission is given to agents for businesses.
Profit & Loss Account
1. Verification of Premium
a. The auditor must look into the internal control and compliance which is laid
down for the collection and recording of premium.
b. The cover notes must be numbered serially.
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c. The auditor needs to check if the premium registers are maintained

chronologically.
d. The auditor verifies if the premium register is equal to the amount shown
in General Ledger.
e. Lastly, the auditor also verifies if the installments due on or before the
balance sheet date have been received or not and if it has been accounted
as premium income under the year in which the financial statement is
audited.
2. Verification of Claims
a. The auditor shall verify and check for the unsettled claims.
b. The auditor must also check if the provision made with the company for the
claims is legally liable.
c. Then, check if the provision made is not more than the insured amount.
d. Lastly, check the co-insurance arrangement which contains the company’s
provision concerning its share of anticipated liability.
3. Verification of Commission
a. The auditor shall verify the voucher disbursement entries with regards to
the disbursement voucher with the copies of commission bills and
statements.
b. The auditor also checks if the vouchers are authorized by the officers-in-
charge and also if the income tax is deducted.
c. Then, check the amount of commission allowed.
d. Lastly, check the accounting period of commission.
4. Verification of Operating Expenses
a. The auditor must check the operating expenses that are more than 500,000
or 1% of the net premium, whichever is higher, that should be shown
separately.
b. The auditor must also check the expenses that are not directly related to
the insurance business and must be shown separately.
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Oversight of the Finance Function

a. At least annually review and approve the mandate of the Chief Financial Officer and
the Finance function.
b. At least annually, review and approve the budget, structure, skills, and resources
of the Finance function.
c. At least annually, review the performance evaluation of the Chief Financial Officer,
with the input of the Management Resources and Compensation Committee, and
assess the effectiveness of the Chief Financial Officer and the Finance function.
d. Recommend to the Board for approval the appointment and, when considered
appropriate, the dismissal of the Chief Financial Officer, who shall have direct
access to the Committee.
e. Review the results of periodic independent reviews of the Finance function.
Oversight of the Actuarial Function
a. At least annually, review and approve the mandate for the Chief Actuary and the
Actuarial function.
b. At least annually, review and approve the budget, structure, skills, and resources
of the Actuarial function.
c. At least annually, review the performance evaluation of the Chief Actuary, with the
input of the Management Resources and Compensation Committee, and assess the
effectiveness of the Chief Actuary and the Actuarial function.
d. Recommend to the Board for approval the appointment and, when considered
appropriate, the dismissal of the Chief Actuary, who shall have direct access to the
Committee.
e. Review the results of periodic independent reviews of the Actuarial function.
Oversight of the Internal Audit Function
a. At least annually, review and approve the mandate of the Chief Auditor and the
Internal Audit function.
b. At least annually, review and approve the budget, structure, skills, resources,
independence, and qualifications of the Internal Audit function.
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c. At least annually, review and approve the audit plan of the Internal Audit function
(including any significant changes to the audit plan) and, as part of this review,
satisfy itself that the audit plan is risk-based and addresses all the relevant activities
over a measurable cycle and that the work of the independent auditor and Internal
Audit is coordinated.
d. Review the periodic reports of the internal audit department on internal audit
activities, including audit findings, recommendations, and progress in meeting the
annual audit plan (including the impact of any resource limitations).
e. At least annually, review the performance evaluation and compensation of the
Chief Auditor, with the input of the Management Resources and Compensation
Committee, and assess the effectiveness of the Chief Auditor and the Internal Audit
function.
f. Recommend to the Board for approval the appointment and, when considered
appropriate, the dismissal of the Chief Auditor, who shall have direct access to the
Committee.
g. Review the results of periodic independent reviews and self-assessments of the
Internal Audit function’s conformance with the International Standards for the
Professional Practice of Internal Auditing and Code of Ethics, and action plans to
address any significant conformance issues.
h. Review reports from the Risk Committee respecting the Company’s processes for
assessing and managing risk.
Risk Management Oversight
a. Review reports from the Risk Committee respecting the Company’s processes for
assessing and managing risk.
b. The Committee will receive reports from the General Counsel as Chair of the
Disclosure Committee.
Oversight of Regulatory Compliance and Complaint Handling
a. Establish procedures for the receipt, retention, and treatment of complaints
received by the Company regarding accounting, internal accounting controls or
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auditing matters, and the confidential, anonymous submission by employees of

concerns regarding questionable accounting or auditing matters.
b. Discuss with management and the independent auditor at least annually any
correspondence with regulators or governmental agencies and any published
reports which raise material issues regarding the Company’s financial statements
or accounting.
c. Review at least annually with the Global Compliance Chief the Company’s
compliance with applicable laws and regulations, and correspondence from
regulators.
Oversight of the Global Compliance Function
a. At least annually, review and approve the mandate for the Global Compliance Chief
and the Global Compliance function.
b. At least annually, review and approve the budget, structure, skills, and resources
of the Global Compliance function.
c. At least annually, review the performance evaluation of the Global Compliance
Chief, with the input of the Management Resources and Compensation Committee,
and assess the effectiveness of the Global Compliance Chief and the Global
Compliance function.
d. Recommend to the Board for approval, the appointment, and, when considered
appropriate, the dismissal of the Global Compliance Chief, who shall have direct
access to the Committee.
e. Review the results of periodic independent reviews of the Global Compliance
function.
Oversight of the Anti-Money Laundering and Anti-Terrorist Financing Program
a. The Committee shall review the Company’s Anti-Money Laundering and Anti-
Terrorist Financing Policy.
b. The Committee shall meet with the Chief Anti-Money Laundering Officer as
necessary to review the AML/ATF Program.
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c. The Committee shall meet with the Chief Auditor as necessary to review results of
testing of the effectiveness of the AML/ATF Program.
Review of Ethical Standards
a. Annual review of the Company’s Code of Business Conduct and Ethics.
b. Establish procedures to receive and process any request from the executive
officer(s) and Director(s) for waiver of the Company’s Code of Business Conduct
and Ethics.
c. Grant any waiver of the Company’s Code of Business Conduct and Ethics to
executive officer(s) and Director(s) as the Committee may in its sole discretion
deem appropriate and arrange for any such waiver to be promptly disclosed to the
shareholders in accordance with applicable laws or the rules of applicable securities
regulatory authorities.
d. Annual review and assessment of procedures established by the Board of Directors
to resolve conflicts of interest, including techniques for identification of potential
conflict situations.
e. Review and assessment of procedures established by the Board of Directors for
restricting the use of confidential information.
Summary of Important Accounts to be Audited
Following steps should be taken by the auditor while auditing the accounts of the insurance
company:
1. Internal Check Inspection
♡ Generally, checking the internal system is necessary and must go through the process
of examining the details thoroughly.
2. Verify the Premium
♡ The auditor vouches for the premium received if it is in accordance with the insurance
policy register and should check the total outstanding premium recorded in the books.
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3. Inspect the Claim Register

♡ The auditor needs to compare the amount of claims recorded with the claim register
and should also check the policies if there are canceled claims for documentary
evidence.
4. Cash Balances
♡ The auditor is tasked to check the cash balances relating to the loans of the company
and must verify the interest earned or received.
5. Examine the Final Accounts
♡ The auditor is required to examine the activities of the company if it is in accordance
with the insurance policy or not.
6. Verify the Payable Commission
♡ The auditor vouches for the commission payables to agents. They need to verify that
the commission payable did not exceed nor inadequate with the rates prescribed in
the insurance act.
7. Examine the Investment
♡ The auditor examines and checks the investment made by the insurance company and
the company's valuation of the investment process.
8. Republic Act No. 10607 Application
♡ The auditor examines that the company can comply with all prescribed legal
requirements in accordance with the Republic Act No. 10607 of the Philippine Law.
9. Checking of Bonus
♡ The auditor vouches for the bonus paid in the bonus register which is an agency register
in closing the balance.
10. Provision of Depreciation
♡ The auditor verifies the depreciation methods used by the company.
11. Examine Insurance Policies
♡ The auditor inspects the accounts that are under re-insurance and also notes the
amount reserves relating to this.
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12. Accrued Interest Checking

♡ The auditor verifies the receipts with regards to interest, dividends, and rents, if
applicable.
13. Allocation of Surplus
♡ The auditor checks if the surplus is properly allocated to the shareholders.
14. Expenses Allocation
♡ The auditor examines if the management correctly allocated the expenses to its proper
accounts.
15. Deposits in State Bank
♡ The auditor verifies if the company deposited the required amount in the state bank
or not in accordance with their insurance policy.
16. Balances of Agency
♡ The auditor verifies the balances of agency or branch to check if it is correctly recorded
and if they are all recoverable.
17. Loans Against Policy
♡ The auditor verifies the loan advances to the policyholder against their policies and
checks the receipts and see if they are correctly reflected in the books.
Basis for Opinion

The audit is conducted in accordance with Philippine Standards on Auditing (PSAs).

Auditor’s responsibilities that fall under those standards, that is further described in the Auditor’s
Responsibilities for the Audit of the Parent Company Financial Statements section of our report.
We are independent of the Company in accordance with the Code of Ethics for Professional
Accountants in the Philippines (Code of Ethics) together with the ethical requirements that are
relevant to the audit of the parent company financial statements in the Philippines, and other
ethical responsibilities are fulfilled in accordance with these requirements and the Code of Ethics.
The auditors believe that the audit evidence obtained was sufficient and appropriate to provide a
basis for the audit opinion.
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Our story. (n.d.). Corporate. Retrieved June 1, 2021, from

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TaxGuru Consultancy & Online Publication LLP. (n.d.). Key Points to the Insurance Audits.
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%20followed%20by%20insurance%20companies

Manulife. (2019). Manulife.

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Manulife Financial Corporation. (2019). Manulife Global.

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ate-governance/2019_-_Audit_Committee_Charter_(AODA)_FINAL-
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ANyoGg

ENTERSLICE FINTECH PRIVATE LIMITED. (n.d.). Insurance Audit for Insurance Companies –
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audit?fbclid=IwAR1JdkpyaH45hZf6yHbOCFeft4yqH0d05Px9CXGtWx4FH3lcvYmb5x
jXxhI#:%7E:text=car%20insurance%20audit%3F-
,The%20insurance%20audit%20is%20a%20process%20typical%20to%20the%20in
surance,specific%20period%20coverage%20was%20provided

While auditing the accounts of insurance company which steps should be taken by the
auditor. (n.d.). Study Points. https://studypoints.blogspot.com/2011/10/while-
auditing-accounts-of-insurance_6280.html?m=1&fbclid=IwAR3frkd7vh0jWSy-
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Manulife. (2017). Manulife.

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