NLIC.org

Thomas Said:

Accountants - Which is more important: the audit of prepaid insurance or the adequacy of insurance?

We Answered:

The question does not mention whether you are performing an audit of the company's financial statements or of operations.

As an auditor of the financial statements (probably an external audit), you are responsible for the accurate presentation of the financials, so pre-paid insurance would be more important.

As an auditor of operations (as an external audit or internal audit), you are responsible for the effectiveness and efficiency of operations, as well as compliance. Adequacy of insurance would be more important because of its impact to operations. In addition, Company contracts/agreements/leases may require specific levels of insurance.

This all ties back to the general COSO objectives of: Reporting, Operations, & Compliance.

Catherine Said:

small business product insurance?

We Answered:

This is a long shot ,but if it is equestrian based try asking the blood stock agencies.They will most likely know of insurers who deal with tackle importers.
They of course will need insurance.
Hope this will solve your problem.