ITGCs for NAIC Model Audit Rule Programs

This CPE program is designed to provide participants with the knowledge and skills necessary to implement effective IT General Controls (ITGCs) in the insurance industry, in compliance with the NAIC Model Audit Rule.

The CPE program covers key topics such as access controls, change management, data backup and recovery, program development and maintenance, IT operations, and IT security in the context of a NAIC Model Audit Rule program.

The program also includes case studies and best practices related to the implementation of ITGCs, and guidance on how to prepare for and manage compliance audits related to ITGCs. Participants will gain an understanding of the purpose of the NAIC Model Audit Rule and the importance of ITGCs in achieving its objectives.

By completing this program, participants will be better equipped to ensure the accuracy and integrity of their financial reporting, and to promote sound accounting practices in the insurance industry. The ITGC program is suitable for professionals involved in financial reporting and compliance in the insurance industry, including auditors, accountants, and financial analysts.

Attendees will:

1. Understand the purpose of the NAIC Model Audit Rule and the importance of ITGCs in achieving its compliance objectives.

2. Recognize the key provisions of NAIC Model Audit Rule related to the implementation of ITGCs.

3. Identify the different types of ITGCs that need to be implemented to ensure the accuracy and integrity of financial reporting data.

4. Develop a comprehensive ITGC framework that covers key areas such as access controls, change management, data backup and recovery, program development and maintenance, IT operations, and IT security.

5. Establish policies and procedures for the implementation and monitoring of ITGCs.

6. Conduct periodic testing of ITGCs to ensure that they are operating effectively.

7. Assign responsibility for the implementation and monitoring of ITGCs to qualified personnel.

I. Introduction

• Brief overview of Model Audit Rule
• Importance of ITGCs for insurance companies
• Key objectives of the training presentation

II. Understanding ITGCs

• Define ITGCs
• Access Controls
• Change Management Controls
• Data Backup and Recovery Controls
• Program Development and Maintenance Controls
• IT Operations Controls
• IT Security Controls

III. ITGCs Implementation

• Steps involved in developing an ITGC program
• Resources needed for program implementation
• Common challenges

IV. Annual Assessment Required by MAR

• Purpose of the Annual Assessment
• Key elements in the Assessment

V. Conclusion

• Summary of key points
• Next steps for attendees

This CPE program focuses on IT general controls for NAIC MAR programs, providing attendees with an in-depth understanding of how to effectively manage IT risks and support internal audit processes. One of the top issues in the NAIC financial condition exams are the quality controls in information technology function.

The program covers the fundamentals of ITGCs, including access controls, change management, and the system development life cycle, as well as how they relate to the NAIC Model Audit Rule program. Attendees will learn how to design and implement effective IT general control processes, as well as how to assess their effectiveness through testing and monitoring. The program also covers best practices for integrating ITGCs into the overall NAIC Model Audit Rule program, as well as how to address common IT-related audit findings.

The program is designed for IT and internal audit professionals responsible for managing IT risks in insurance companies that are required to follow the NAIC Model Audit Rule regulations.

After participating in the CPE event focused on the ITGCs needed in a NAIC Model Audit Rule Program, expanding your knowledge with additional resources from authoritative sources is crucial. These sources provide valuable insights and in-depth content to further enhance your understanding of the scope of the ITGCs that are within the NAIC Model Audit Rule and its implications within the insurance industry:

• National Association of Insurance Commissioners (NAIC)
  • The NAIC serves as the authoritative source for information related to the Model Audit Rule, offering comprehensive guidance that delves into the requirements and implications for auditors and insurers. The Financial Condition Examiners Handbook is the NAIC audit manual that controls the NAIC audit processs for the examination of all insurance companies.
• Annual Financial Reporting Model Regulation
  • Accessing the annual financial reporting model regulation (NAIC Model Audit Rule) provides a deeper understanding of the regulatory framework and its impact on insurers required to file audited financial reports.
• Financial Condition Examinars Handbook
  • The primary purpose of a risk-focused examination is to review and evaluate an insurer’s business processes and controls to assist in assessing and monitoring its current financial condition and prospective solvency. This NAIC audit manual provides the detail guidance for conducting the examination.
• Baker Tilly Insights on the NAIC Model Audit Rule
  • Baker Tilly offers valuable insights and best practices related to the NAIC Model Audit Rule, providing recommendations to improve organizational programs in accordance with NAIC audit standards.

By leveraging these authoritative sources, you can continue to enhance your expertise, stay informed about industry best practices, and gain valuable insights into the regulatory landscape of NAIC Model Audit Rule programs.