Hi all. I have searched but could not find a similar question but apologies if already asked.
Auditing a fund which owns a large diamond - stored securely at jeweller's vault and covered by jeweller's insurance.
In last years management letter lack of insurance in funds name was brought up. The fund still does not have its own insurance on the diamond.
Is there an issue with:
lack of insurance
Failing to address an issue raised in a previous management letter? (given this was not a contravention in the first place)
Thanks very much for any opinions.