A flash poll conducted by Baker Tilly Virchow Krause, LLP (Baker Tilly) indicates over half of insurance organizations specify identifying the “right amount” of key controls is the single-most challenging factor when maximizing the efficiency and effectiveness of its Model Audit Rule (MAR) program. The National Association of Insurance Commissioners’ (NAIC) Annual Financial Reporting Model Regulation #205 is commonly known as the Model Audit Rule.
“Insurance companies should be assessing key controls and compensating controls on an annual basis,” John Romano, CPA, CFE, CIA, senior manager in Baker Tilly’s risk, internal audit and cybersecurity insurance industry practice, said. “Particular attention…
