19.04.2007, 09:16
ROSNO to Insure Liability of Members of the Moscow Audit Chamber
OREANDA-NEWS. April 09, 2007. The insurance company ROSNO has been accredited for the year 2007 by the Moscow Audit Chamber for the purpose of the auditor liability risk insurance. The accreditation has been awarded following ROSNO’s victory in the tender held by the Moscow Audit Chamber (MAC) among insurers for the purpose of providing professional risk insurance to the audit firms holding membership in the Chamber, reported the press-centre of ROSNO.
IC ROSNO was among the first companies to develop the relevant insurance products and accept auditor risks for insurance. In course of its operation, the company has accumulated vast practical experience in conclusion of contracts and settlement of losses incurred on the auditor liability insurance.
The company has adopted a flexible approach to insurance terms and conditions. ROSNO contract may contemplate insurance of either the entire set of the audit company’s activities, or only certain specific audits. Also, some auditor insurance programs are designed to cover the auxiliary services rendered by auditors or only obligatory audit. The policy covers all potential auditor risks. There is a possibility to model the insurance coverage to protect from losses arising out of incorrect assessment of legal compliance, auditor evidence, its reliability and adequacy, as well as failure to discover material accounting misstatements.
The additional insurance protection provided by ROSNO covers the risks associated with violation of the established rules of issuance and execution of documents (accounting statements and tax declarations), as well as non-conformity of their contents to the RF legislation. Furthermore, the insurance coverage may also apply to the risks related to violation of accounting rules or rules for issuance of reporting documents, calculation and payment of taxes and other mandatory charges.
As a bonus, ROSNO assumes an obligation to reimburse clients for the additional expenses made to clarify and settle an insured event, including the same related to court proceedings. Insurance benefits may be paid either on the basis of a court decision, or in accordance with the pre-trial procedure.
IC ROSNO was among the first companies to develop the relevant insurance products and accept auditor risks for insurance. In course of its operation, the company has accumulated vast practical experience in conclusion of contracts and settlement of losses incurred on the auditor liability insurance.
The company has adopted a flexible approach to insurance terms and conditions. ROSNO contract may contemplate insurance of either the entire set of the audit company’s activities, or only certain specific audits. Also, some auditor insurance programs are designed to cover the auxiliary services rendered by auditors or only obligatory audit. The policy covers all potential auditor risks. There is a possibility to model the insurance coverage to protect from losses arising out of incorrect assessment of legal compliance, auditor evidence, its reliability and adequacy, as well as failure to discover material accounting misstatements.
The additional insurance protection provided by ROSNO covers the risks associated with violation of the established rules of issuance and execution of documents (accounting statements and tax declarations), as well as non-conformity of their contents to the RF legislation. Furthermore, the insurance coverage may also apply to the risks related to violation of accounting rules or rules for issuance of reporting documents, calculation and payment of taxes and other mandatory charges.
As a bonus, ROSNO assumes an obligation to reimburse clients for the additional expenses made to clarify and settle an insured event, including the same related to court proceedings. Insurance benefits may be paid either on the basis of a court decision, or in accordance with the pre-trial procedure.
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