- The NAIC formally adopted the Own Risk and Solvency Assessment (ORSA) Model Act in September 2012, and the ORSA requirement for qualifying insurers will be effective January 2015. In an effort to improve guidance and regulation, the NAIC’s ORSA (E) Subgroup has completed two feedback pilot projects, one in June 2012 and the most recent in September 2013.
- Working with Baker Tilly, the city achieved a smooth transition for the comptroller and eliminated a significant staffing void. The efficient collaboration led to a carefully prepared audit with limited adjustments and within budget.
- The AICPA recently issued an update to the Trust Services Principles impacting SOC 2.
- The Office of the Comptroller of the Currency (OCC) released guidance in October 2013 to national banks and federal savings associations on how to assess and manage risks of third parties. Concerns over how effectively banks are managing risks of their outsourced providers have increased along with their use. This increased use has consisted of both greater numbers of service organizations employed by banks and increased complexity in the services they provide. This, coupled with the fact that service organizations may also be domiciled in foreign countries, has raised concerns within the OCC and the banks themselves.
- COSO’s Internal Control-Integrated Framework makes it easier to design and evaluate the effectiveness of internal controls. The framework is also used by public companies to assess effectiveness of internal control over external financial reporting (ICEFR) under Sarbanes-Oxley (SOX) section 404.
- Previous Next