CHICAGO (January 18, 2018) – A flash poll conducted by Baker Tilly Virchow Krause, LLP (Baker Tilly) indicates only 30 percent of internal audit professionals in the insurance industry are fully involved with setting up interviews, meetings and examination requests during their state examination process.
“First and foremost, what makes internal audit’s role during the examination successful is setting up a planning meeting with all parties involved in the examination”, John Romano, CPA, CFE, CIA, senior manager in Baker Tilly’s risk advisory practice, said. “By conducting a kickoff meeting with internal audit and the examination team at the beginning, internal audit can share their view on areas of risks, risk assessment processes, Model Audit Rule and/or SOX approaches, and overall entity wide audit coverage. The initial meeting helps to facilitate the state examiners’ understanding of risks and controls, ultimately making the examination more efficient and internal audit’s role more valuable.”
Baker Tilly recently held an educational webinar, “Internal audit: Maximizing your role in the NAIC state examination process,” to assist insurance organizations in maximizing the value internal audit can provide in risk focused examinations. Joining Romano during the webinar was Todd Heine, CPA, CGMA, CIA, CLU, ChFC, internal audit director at American Financial Group. Heine shared his insights about the importance of working with the examination team in advance to prepare executives for interviews and other steps to make the examinations run smoothly.
The webinar presenters discussed:
Presentation slides and a recording of the webinar are available at bakertilly.com/insights/internal-audit-maximizing-your-role-in-the-naic-state-examination-process/.
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