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Post-Implementation Challenges of the Model Audit Rule
Finance & Accounting
Pages 7 (1757 words)
Post-implementation challenges of the model audit rule Name: Institution: Post Implementation Challenges of the Model Audit Rule Introduction The Model Audit Rule is a development by NAIC. Its objective is to ensure that insurers operate within set standards in serving their customers.
The design of Model Audit Rule takes to restoring confidence in security markets and customers as well as protecting investor interests (2010 Model Audit Rule Practice Note Subcomittee). It has an oversight of dependency and competence of internal reports and external audit reports from external accounting firms. For insurance industries, continuous regulatory oversights and regular performance of on-site company records examination is always necessary. It is always essential for insurance companies to observe governance standards set for corporate with transparency intentions, restoration of public confidence and prevention of fraud. The success of AMR requires teamwork through hiring of internal control experts, business analysts and IT auditors who can meet internal controls through efficient financial reporting (Dublin, 2011). The idea of introducing new products into the marketplace is an enticement to every company. Growing life expectancy, aging population and demographic changes create an expansion the health insurance market (Dublin, 2011). With the reduction of health benefits by corporations for many retirees, the challenge to insurers is about those who can afford the costs. Commercial insurance is a shrinking market from the effects of the rise in unemployment. ...
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