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NAIC Model Audit Rule Programs

NAIC Model Audit Rule Programs

Join our comprehensive CPE course that delves into the intricacies of addressing the annual ICFR assessment and triennial enterprise risk management evaluation required by the NAIC Model Audit Rule (MAR) established by the NAIC.
 
Our program focuses on utilizing the COSO frameworks (COSO 2013 and COSO ERM) and COBIT to fulfill NAIC Model Audit Rule requirements. Whether you're a compliance manager, controller, CFO, or hold a similar role responsible for your insurance organization's internal control framework, this three-session course is designed to equip you with the knowledge and tools necessary for NAIC Model Audit Rule compliance.
 
During the sessions, we provide practical examples that align with the seventeen COSO principles. Additionally, we reference the exhibits in the Financial Condition Examiners Handbook, which play a crucial role in examining compliance activities. Our approach to NAIC Model Audit Rule compliance is to use as criteria the Financial Condition Examinars Handbook, the NAIC Model Audit Rule Implementaiton Guide, COSO Framework, COBIT Framework and the other NAIC Model Laws to dirve the contents of the NAIC Model Audit Rule compliance program.
 
Discover cost-effective approaches to meet your compliance obligations under the NAIC Model Audit Rule, covering both annual filings and the Insurance Commissioner's triennial examinations, as guided by the Financial Condition Examiners Handbook. As an attendee, you will gain access the instructor's reference materials which is a set of 55 documents used in developing the NAIC Model Audit Rule workshop.
 
This internal control training course will provide each attendee with 18 CPE Event Hours (YB) and a certificate of completion.
 
Join us and equip yourself with the knowledge and skills needed to navigate the complexities of the NAIC Model Audit Rule and ensure compliance for your insurance organization.
 

  • Details on Event Presentation

    Offered on Tuesday-Thursday once every six weeks in three six hour sessions for 18 CPE credits.

    The sessions will run from 9:00 a.m. to 3:00 p.m. Central Time Zone. There will be a lunch break from 12:00 noon to 12:30 p.m. each day.

    We can schedule private events on your timetable for two or more attendees.

    NASBA Program Disclosure

    Program Level of Understanding: Basic
    Prerequisites: None
    Advance Preparation: None
    Delivery Format: Group Internet Based
    NASBA Field(s) of Study: Auditing, Business Law, Business Management & Organization, Behavioral Ethics, Information Technology
    CPE Credits: 18, based on 50 minutes of instruction per hour

  • CPE Event Highlights

    • What are the NAIC Model Audit Rule goals?

    • Which organizations fall under the NAIC Model Audit Rule provisions?

    • What is the definition of "internal controls over financial reporting".

    • What ELCs are contained in a "NAIC Model Audit Rule Program".

    • How do you approach creating an ICFR risk assessment?

    • Establishing clear policies and procedures for internal control over financial reporting that align with the COSO 2013 framework.
    • Identifying and assessing the risks to internal control over financial reporting.
    • Designing and implementing controls to mitigate identified risks.
    • Monitoring the effectiveness of controls on an ongoing basis.
    • 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

    • 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 with a NAIC Model Audit Rule Program.
    • Gain knowledge of the benefits of following the NAIC Model Audit Rule Program guidelines within the FCEH, including improved internal controls and risk management practices.
    • Understand the requirements and expectations for planning, conducting, and reporting internal audits in accordance with the NAIC Model Audit Rule program.
    • Learn how to apply the NAIC  Model Audit Rule 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 NAIC Model Audit Rule program.

  • Key Issues on the Agenda

    • Section 1: Introduction and Background
    • Section 2: Introduction to the Model Audit Rule (MAR) program requirements
    • Section 3: Overview of the COSO framework and how it relates to the MAR program
    • Section 4: Discussion of key elements of the MAR program, including planning, conduct, and reporting
    • Section 5: Examples of common risks and issues identified within MAR Programs and the best practices for addressing them
    • Section 6: Discussion of the benefits of following the MAR guidelines, including improved internal controls and risk management practices
    • Section 7: Q&A session for attendees to ask specific questions about the MAR program and how it applies to their organization
    • Section 8: Conclusion and next steps for implementing the MAR program in an insurance organization.

  • Summary of the Subject Matter

    This CPE event on NAIC Model Audit Rule Programs offers a comprehensive exploration of the regulatory framework and best practices related to the National Association of Insurance Commissioners (NAIC) Model Audit Rule.

    Attendees can expect an in-depth analysis of the key components and requirements outlined in the NAIC Model Audit Rule, focusing on its implications for insurance company audits and compliance.

    This session delves into critical areas such as risk assessment, internal control evaluation, financial reporting, and the role of internal and external auditors in ensuring adherence to the regulatory standards set forth by NAIC.

    Participants will gain valuable insights into the practical application of the model audit rule within the insurance industry, empowering them to navigate the complexities of regulatory compliance with confidence and proficiency.

  • 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.

$1,500.00Price
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