The National Association of Insurance Commissioners’ (NAIC) Annual Financial Reporting Model Regulation #205, commonly known as the Model Audit Rule (MAR), has been around for more than a decade, yet insurers of all sizes struggle to develop a sustainable and cost effective MAR program. While certain elements of MAR have been implemented by insurers with minimum difficulty, creating and maintaining a cost effective and efficient program that supports management’s attestation regarding internal controls (i.e., financial reporting) proves to be a challenge for many organizations.
This on-demand webinar explores common misconceptions of the MAR requirements. The presentation also discusses current trends, best practices and suggestions to improve your organization’s MAR program.
- The MAR requirements for management’s report of internal control over financial reporting
- Common misconceptions and current trends in addressing the requirements for the basis for management’s review and assertions
- Options for how to re-engineer your MAR compliance program to be more cost efficient and effective
“58.1 percent of respondents answered “Identify the "right amount" of key controls, as we have more key controls than we probably need" to a poll question during The Model Audit Rule: Diagnosing your program's reliability, resources and re-engineering processes webinar on April 11, 2018.”
For more information on this topic, or to learn how Baker Tilly insurance specialists can help, contact our team.