Section 28: Audits.

(1) The balance sheet profit and loss account and revenue account of an insurer in respect of the insurance business transacted by the insurer, shall be audited annually by an external auditor.
(2) At the conclusion of the audit, the auditor shall issue certificate signed by him stating whether in his opinion-
(a) he has obtained adequate information from the books and records of the insurer;
(b) the books of the insurer have been properly kept and the affairs and transactions of the insurer have been properly recorded ;
(c) the accounts and balance sheet of the insurer are in accordance with the information given to him for the purpose of his audit;
(d) the accounts and balance sheet are in accordance with the applicable provisions of this Part of this Act; and
(e) the balance sheet of the insurer and the profit and loss account respectively gives a true and fair view of the financial position of the insurer.