The administrative component of LOGiQ3's operational audit program includes preliminary planning and pre-work, sample selection, treaty review, premium calculation testing, data integrity and treaty compliance, on-site process and controls review, retention management, administrative systems review and a summarized report of findings and recommendations. We will not only identify the weaknesses, but also provide confirmed findings and any associated financial impact.
If you do not have an administrative audit program in place, we can help in developing a program suited for you and your business. Additionally, we can provide administrative audit training to your staff or new hires.
If the following scenarios describe your current state, we can help conduct your administrative audits:
Read our real life client engagements below to illustrate the types of problems we have solved:
Problem: Due to internal obligations, a large US reinsurer was unable to free up internal resources to complete on-site client audit obligations.
Solution: LOGiQ3 provided client with a full audit team to perform all work (testing, sample selection, on-site audit, and audit report delivery) associated with the audits using our in-house audit program.
Results:The client was able to meet all audit commitments and received a written audit report from LOGiQ3 to be shared with their clients and internal stakeholders. A status report of unresolved audit issues was also delivered to resolve any exceptions found during onsite visits.
Problem: A US reinsurer had recently hired staff that had limited to no on-site audit knowledge, coupled with an immature and unproven on-site audit program.
Solution:LOGiQ3conducted audit training sessions at the client's office on administrative audit best practices and assisted in improving the existing audit program. We continued to mentor the team during the on-site audit.
Results:The client's team was trained and well equipped to conduct administrative audits, from initial communication with the clients through to audit report delivery.
The following are features to our administrative audits:
Additional audit services available:
By allowing LOGiQ3 to assist with your administrative audit needs, you will gain the following benefits:
Contact us today to schedule a time to talk about your administrative audit plans.