SOX News

Control Solutions Eases Model Audit Rule Compliance for Insurers

(June 03, 2008)-- Control Solutions International announced the launch of its Model Audit Rule compliance solution forinsurance organizations, designed to reduce the costs and complexities ofcompliance. Changes to the National Association of Insurance Commissioners (NAIC)Annual Financial Reporting Model Regulation, also known as the Model AuditRule (MAR), now require that private insurance organizations adoptcorporate governance and reporting standards that are similar toSarbanes-Oxley (SOX) by 2010. "Understanding the obstacles faced byorganizations in initially complying with SOX, we applied the lessons we'velearned to develop a solution that would minimize the challenges andleverage best practices to deliver an effective solution for the insuranceindustry," said Justin Morrow, partner.

Control Solutions worked with several insurance organizations on earlycompliance initiatives and refined its Model Audit Rule solution. The MARsolution capitalizes on the firm's experiences gained from over six yearsof assisting public, private and government organizations in building andevaluating corporate governance and programs for internal control overfinancial reporting.

Since 2002, Control Solutions has led the way in the era of increasedcorporate governance and financial reporting scrutiny by developinginnovative tools and methodologies designed to help organizations achievecompliance success. Notable contributions have included assisting the veryfirst public company to achieve compliance with SOX Section 404,development of the Sarbanes-Oxley Control Evaluation Tool (one of the firstcompliance management and reporting tools), and creation of SOXlite(TM),the Sarbanes-Oxley compliance framework for smaller, non-acceleratedfilers.

"With the introduction of our Model Audit Rule compliance solution, wecontinue our track record of providing solutions that are based on deeprisk and control knowledge and practical implementation experience,enabling clients to achieve their objectives in the most efficient mannerpossible," added Asraf Bhugaloo, managing partner. "Our initial engagementswith insurance organizations have yielded positive results for our clientswithout the disruptions, cost overruns and time delays experienced ininitial SOX compliance."

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