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NAIC Model Audit Rule Compliance

Corporate Compliance Seminars
Training overview
Length: 24 hours

NAIC Model Audit Rule Compliance


NAIC Model Audit Rule Compliance - Corporate Compliance Seminars

The CPE Workshop is focused on how to address Model Audit Rule (MAR) compliance using the COSO frameworks (COSO 2013 and COSO ERM) and COBIT.

This three-day CPE workshop is designed for compliance managers, controllers, CFO's and others who have the responsibility for the insurance organization's internal control framework. We used examples tied to the seventeen COSO principles. We also refer to the various exhibits in the Financial Condition Examiners Handbook which drive the examination of your compliance activities.

Learn how to comply using a cost effective approach to address your compliance needs under the NAIC's Model Audit Rule (MAR) requirements. These requirements concern both the annual filings but also the Insurance Commissioners approach using the Financial Condition Examiners Handbook.

Upon completion of this course, participants will:

  • Understand risk assessments from the insurance accounting viewpoint
  • See how to effectively implement top down internal controls
  • Understand the compliance requirements of the NAIC's Model Audit Rule
  • Be able to discuss relationship with their external auditors under the Model Audit Rule
  • Be able to identify methods for improving their internal control frameworks

Who should attend?

This three-day seminar is designed for compliance managers, controllers, CFO's and others who have the responsibility for the insurance organization's internal control framework.

Training Content

The content of this course is divided into the following sections:


Introduction and Background
- Introductions
- Internal Control Terminology
- Regulatory Remapping
- NAIC Prospective on Internal Control over Financial Reporting (ICFR)
- SEC & PCAOB Prospective on ICFR
- Issues Affecting Insurance Accounting & Auditing

Section 1 - NAIC Model Audit Rule (MAR)
- History of Insurance Regulation
- Overview of Changes to Model Audit Rule
- Urban Legions Concerning ICFR
- Annual Financial Reporting Model Regulation (MAR) by Section

Section 2 - Top-Down vs. Control-Based Compliance
- Public Company Accounting Oversight Board (PCAOB)
- The Original COSO
- Auditing Standard #2 - Control Based Approach
- Auditing Standard #5 - Top Down Risk Based Approach
- SEC Risk Assessment
- NAIC Risk Assessment
- NAIC Risk Mitigation Strategy

Section 3 - NAIC Model Audit Guidance
- NAIC's Financial Condition Examiners Handbook
- NAIC's Audit Rule Implementation Guide
- SEC Management Guidance
- CMMI Levels of Maturity

Section 4 - Internal Control Methodologies
- Many Models
- SOX Methodologies
- COSO Internal Control Framework
- COBIT Framework

Section 5 - Entity-Level Controls - Risk Assessment
- COSO Top Down Approach
- NAIC's Prospective
- NAIC's Exam Phase 1
- COSO Risk Assessment Component
- Specific Financial Reporting Objectives
- Financial Reporting Risks
- Fraud Risks

Section 6 - Entity-Level Controls - Control Enviroment
- Tone at the Top
- COSO Control Enviroment Component
- Integrity and Ethical Values
- Board of Directors
- Management's Philosophy & Operating Style
- Organizational Structure
- Financial Reporting Competencies
- Authority and Responsibility
- Human Resources

Section 7 - Entity-Level Controls - The Supporting Components
- COSO Control Activities Component
- Integration with Risk Assessment
- Selection & Development of Control Activities
- Policies and Procedures
- Information Technology
- COSO Information & Communication Component
- Financial Reporting Information
- Internal Control Information
- Internal Communication
- External Communication
- COSO Monitoring Component
- Ongoing and Separate Evaluations
- Reporting Deficiencies

Section 8 - Business Process Controls and Testing
- Key Elements of ICFR
- Business Processes & Cycles
- Testing Standards

Section 9 - Information Technology General Controls
- NAIC's Prospective on IT Controls

Section 10 - Management's Assessment
- Knowledge Transfer to Auditors
- Using the Work of Others
- Management's Assessment
- Opining to the Auditor

Section 11 - Going Forward


Students will receive 12 Auditing, 3 Business Law, 3 Business Management & Organization, 3 Information Technology and 3 Business Ethics CPE hours at the end of this course.


The cost of this course is $2085 per person.

Provider: Corporate Compliance Seminars

Corporate Compliance Seminars

Corporate Compliance Seminars (CCS) - Auditing, Accounting, Compliance and IT Training

Corporate Compliance Seminars (CCS) is the premier provider of Continuing Professional Education (CPE) seminars. We specialize in auditing, risk management, compliance, internal controls, security, assurance services and other related topics to accounting and IT. We are focused on the needs of our attendees by providing high...

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