Managing NAIC Model Audit Rule Programs - In-Person
Optimize Internal Controls with Practical Insights on NAIC Model Audit Rule Compliance
The Managing NAIC Model Audit Rule Programs – In-Person CPE Training Event is an essential program for professionals seeking mastery in internal control management within the insurance industry. Designed with the NAIC Model Audit Rule (MAR) at its core, this enriching seminar equips attendees with the tools and strategies to ensure compliance, minimize risks, and fortify corporate governance practices. Over two days, participants will gain 16 NASBA-approved CPE credits, alongside actionable knowledge that can be applied immediately to their organizations.
Why Attend?
Earn 16 CPE Credits - Advance your professional skills and credentials while mastering the essentials of MAR compliance.
Understand Key Regulatory Frameworks - Learn how the COSO framework, NAIC Model Law, and other guiding frameworks integrate with MAR compliance.
Mitigate Risks with Best Practices - Explore effective approaches to strengthen internal controls and risk management practices.
Learn from Experts - Benefit from insights shared by professionals with hands-on experience in MAR program implementation and audits.
Drive Organizational Success - Apply practical strategies not only to comply with regulations but also enhance operational efficiency.
What You’ll Learn
This seminar provides a blend of theoretical knowledge and practical application tailored to the complexities of the insurance industry. Participants will learn to:
Comprehend the NAIC Model Audit Rule - Understand the purpose, key elements, and its relationship to governing frameworks like COSO 2013 and COBIT.
Identify and Assess Risks - Develop the ability to pinpoint risks to internal control over financial reporting (ICFR) and implement mitigation strategies.
Establish and Monitor Controls - Design effective controls, ensure ongoing compliance, and maintain oversight through ongoing assessments.
Enhance Reporting Practices - Learn to deliver insightful reports to management and boards, communicating findings effectively.
Address Deficiencies - Gain strategies to identify, address, and resolve control deficiencies during assessments.
Stay Ahead of Regulatory Updates - Ensure your knowledge stays current with continual updates to MAR and related regulations.
Course Highlights
Foundational Theories - Explore critical frameworks and their practical application to MAR programs.
Hands-On Exercises - Apply concepts through case studies and real-world simulation activities.
Comprehensive Session Agenda - Understand MAR through a structured breakdown of its components and strategies for operational success.
Key Agenda Topics
Introduction to NAIC Model Audit Rule (MAR) - An overview of its purpose, importance, and relation to internal controls.
COSO Framework and NAIC Integration - Learn how MAR aligns with COSO 2013 to support organizational compliance objectives.
Risk Identification and Mitigation - Techniques for detecting vulnerabilities and applying the appropriate corrective measures.
Tasks for MAR Compliance - Establishing internal control policies and procedures tailored to financial reporting accuracy.
Common Audit Risks - Examples of risks typically identified during audits and effective solutions for addressing them.
Planning and Conducting Internal Audits - Proven techniques for thorough audit preparation, execution, and reporting.
Assessment and Monitoring - Strategies for conducting annual control assessments and fostering sustained compliance.
Best Practices for Continuous Improvement - Insights on updating programs regularly and adapting to changes in compliance standards.
Event Details
- Format: Live, in-person training tailored to industry-specific challenges.
- Schedule:
- Day 1 (Thursday): 9 a.m. – 5 p.m.
- Day 2 (Friday): 9 a.m. – 4 p.m.
- CPE Credits: 16 hours accredited by NASBA.
- Cost: $1,440 per attendee.
- Location: Available in multiple cities throughout the year, with private sessions upon request for groups of three or more.
- Prerequisites: Participants should have a basic understanding of internal control frameworks.
Who Should Attend?
This training is ideal for professionals committed to ensuring MAR compliance and enhancing internal controls, such as:
- Internal Auditors managing corporate audits and controls.
- Compliance Officers tasked with regulatory compliance in the insurance sector.
- Finance Professionals focused on improving financial reporting accuracy.
- Risk Managers keen on identifying and mitigating vulnerabilities.
Why NAIC Model Audit Rule Mastery Matters
NAIC’s Model Audit Rule is a pivotal framework for ensuring transparency, accountability, and financial integrity in the insurance industry. By attending this training, you will develop the competence to manage compliant audit programs tailored to insurance-specific challenges, minimizing risks, and maximizing operational benefits.
Register Now
Don’t miss your opportunity to gain expert insight into managing NAIC Model Audit Rule Programs. Secure your spot and join professionals dedicated to achieving excellence in internal controls and compliance.
Register today for the Managing NAIC Model Audit Rule Programs – In-Person CPE Training Event to elevate your internal audit capabilities and industry expertise!
Details on Event Presentation
The sessions will be as follows:
Thursday – 9:00 a.m. to 5:00 p.m.
Friday - 9:00 a.m. to 4:00 p.m.
Offered in-person in various cities.
We can schedule private events on your timetable for three or more attendees.
NASBA Program Disclosure
Program Level of Understanding: Intermediate to Advanced
Prerequisites: Participants should come with a knowledge of internal control frameworks.
Advance Preparation: A number of documents will be provided in advance.
Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)
NASBA Field(s) of Study: Auditing
CPE Credits: 16, based on 50 minutes of instruction per hour.CPE Event Highlights
Managing a NAIC Model Audit Rule compliance program contains a comprehensive set of tasks and skills. This CPE event covers for the attendees concerning the annual compliance requirements:
- Establishing clear policies and procedures for internal control over financial reporting that align with the COSO 2013 framework for the NAIC Model Audit Rule program.
- Identifying and assessing the risks to internal control over financial reporting (ICFR).
- Designing and implementing controls to mitigate identified risks that need to be mitigated by a NAIC Model Audit Rule program.
- Monitoring the effectiveness of controls on an ongoing basis to comply with the NAIC Model Audit Rule regulations.
- Conducting an annual assessment of the internal control over financial reporting using the COSO 2013 framework to determine if it is operating effectively.
- Communicating the results of the assessment to management and the board of directors.
- Taking corrective action, as necessary, to address any deficiencies identified during the assessment.
Learning Objectives
Attendees will:
- Understand the purpose and key elements of the NAIC Model Audit Rule (MAR) program, and how it relates to the COSO framework.
- Learn about common risks and issues that can be identified through internal audits, and best practices for addressing them.
- Gain knowledge of the benefits of following the MAR guidelines, including improved internal controls and risk management practices.
- Understand the requirements and expectations for planning, conducting, and reporting internal audits in accordance with the MAR program.
- Learn how to apply the MAR program to their own insurance company and identify areas for improvement in their internal audit process.
- Understand the importance of continuous learning and staying current with changes and updates to the MAR program.
Key Issues on the Agenda
- Section 1: Introduction and Background
- Section 2: Introduction to the NAIC Model Audit Rule program requirements
- Section 3: Overview of the COSO framework and how it relates to the NAIC Model Audit Rule program
- Section 4: Discussion of key elements of the NAIC Model Audit Rule program, including planning, conduct, and reporting
- Section 5: Examples of common risks and issues identified within NAIC Model Audit Rule programs and the best practices for addressing them
- Section 6: Discussion of the benefits of following the NAIC Model Audit Rule guidelines, including improved internal controls and risk management practices
- Section 7: Q&A session for attendees to ask specific questions about the NAIC Model Audit Rule program and how it applies to their organization
- Section 8: Conclusion and next steps for implementing the NAIC Model Audit Rule program in an insurance organization.
Summary of the Subject Matter
This CPE program focuses on the NAIC Model Audit Rule (MAR) program, providing an in-depth understanding of the program's key elements and how it relates to the COSO Framework. Attendees will learn about common risks and issues that can be identified through internal audits, best practices for addressing them, and the benefits of following the NAIC Model Audit Rule guidelines.
The program covers the requirements and expectations for planning, conducting, and reporting internal audits in accordance with the NAIC Model Audit Rule program. It also has a focus on applying the program to insurance companies. Attendees will also learn about staying current with changes and updates to the NAIC Model Audit Rule program, and how to communicate the importance of internal audit to management and the board.
Authoritative Sources
After participating in the CPE event focused on NAIC Model Audit Rule Programs, expanding your knowledge with additional resources from authoritative sources is crucial. These sources provide valuable insights and in-depth content to further enhance your understanding of the NAIC Model Audit Rule and its implications within the insurance industry:
- National Association of Insurance Commissioners (NAIC)
- The NAIC serves as the authoritative source for information related to the Model Audit Rule, offering comprehensive guidance that delves into the requirements and implications for auditors and insurers. The Financial Condition Examiners Handbook is the NAIC audit manual that controls the NAIC audit processs for the examination of all insurance companies.
- Annual Financial Reporting Model Regulation
- Accessing the annual financial reporting model regulation (NAIC Model Audit Rule) provides a deeper understanding of the regulatory framework and its impact on insurers required to file audited financial reports.
- Financial Condition Examinars Handbook
- The primary purpose of a risk-focused examination is to review and evaluate an insurer’s business processes and controls to assist in assessing and monitoring its current financial condition and prospective solvency. This NAIC audit manual provides the detail guidance for conducting the examination.
- Baker Tilly Insights on the NAIC Model Audit Rule
- Baker Tilly offers valuable insights and best practices related to the NAIC Model Audit Rule, providing recommendations to improve organizational programs in accordance with NAIC audit standards.
By leveraging these authoritative sources, you can continue to enhance your expertise, stay informed about industry best practices, and gain valuable insights into the regulatory landscape of NAIC Model Audit Rule programs.
- National Association of Insurance Commissioners (NAIC)