Business Auditing

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Auditing refers to the systematic analysis of organization financial systems in the essence of tracking the business records. Big company firms may be audited for reasons such as security and the suspicious threat such as theft. Some companies may try to evade the revenue authorities by not paying the dues required, and thus the tax authority will do their audit annually.

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Auditing may not judge the future of the business but analyses the current business environment. An audit involves collecting information on the clients and the competitors. The customer service is evaluated and based on the mode of purchase or the services requested. The main aim of auditing is to grow, maintain and achieve the strategic objectives of a business organization. Consider a company planning to migrate to its main competitor’s base. The company evaluates its sales and that of its main competitor. The following piece of work will audit the Oman insurance company basing on the customer and main competitor information.

Oman Insurance Corporation

Oman insurance corporation, OIC is one of the biggest leading insurance companies in the Middle East. The organization was formed in the year 1975 and OIC today is one of the largest financial giant institutions with over fifteen branches operating under head office located in Qatar. The Oman Insurance headquarters are in Dubai, UAE. The company is rated A-stable, by standard and Poor’s and an A, Excellent by AM best reinsurers. The company’s vision is to provide unique insurance solutions which help, protect and create wellbeing and wealth. The Oman Insurance company operates under customer friendly services to attain quality products while underwriting the general types of risk, health and life insurances while surging forward to make unique covers based on a client’s perception [3]. The Corporation provides some insurance services which include solutions from personal lines, motor, health and life coverage solutions. The company provides excellent lines covers from medium to large commercial and industrial enterprises. For energy, construction and marine sectors. The organization has the right board of directors who are qualified and consultants in various fields.H.E.Abdulaziz Abdulla Al-Ghulair is the current sitting chairman while Mr. Abdul is the vice president. The two executive directors work with other five board members.

The chief executive officer of the company is Christos Adamantiadis. Oman Company has received many awards following its pursuit of quality services which are customer oriented which include the most innovative insurer, commercial lines insurer of the year, UAE insurer at the MENA awards 2015 and the best business insurance of the year at the UAE banker products awards 2015.OIC is a customer oriented company with a clear vision and focuses on service Even due to a slower growth rate of the market, Oman insurance company expectation is to continuous influence premium increment at the rate of 10-11% compound annual interest rates.

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