Managing NAIC Model Audit Rule Programs - In-Person

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.

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.

• 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.

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.

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.