MCQ--IC.1
An Indian insurance company in the name of Trust Life Limited was carrying on life insurance business with paid-up capital of ` 250 crores. The Company appointed Mr. Vineet, as its statutory auditor for the year 2018-19. The auditor verified the investments of the company in terms of title, acquisition or disposal, safeguard etc. In the financial statements of the company the investments were classified in terms of portfolio maintained with central, state or any other notified investment. The auditor mentioned in the report that the company has complied with the guidelines of the IRDAI. The shareholders raised an objection that the audit report is incomplete as the financial statements don’t give the classification of investments as percentage of total investments in Housing Projects or Infrastructural Projects as per IRDA (Investment) Regulations. Is it necessary for the auditor to verify and give the details in audit report for investments made in Housing or Infrastructural Projects?