SOX News

Control Solutions Eases Model Audit Rule Compliance for Insurers

(June 04, 2008)-- Control Solutions International announced the launch of its Model Audit Rule compliance solution for insurance organizations, designed to reduce the costs and complexities of compliance.

Changes to the National Association of Insurance Commissioners (NAIC) Annual Financial Reporting Model Regulation, also known as the Model Audit Rule (MAR), now require that private insurance organizations adopt corporate governance and reporting standards that are similar to Sarbanes-Oxley (SOX) by 2010. "Understanding the obstacles faced by organizations in initially complying with SOX, we applied the lessons we have learned to develop a solution that would minimize the challenges and leverage best practices to deliver an effective solution for the insurance industry," said Justin Morrow, partner.

Control Solutions worked with several insurance organizations on early compliance initiatives and refined its Model Audit Rule solution. The MAR solution capitalizes on the firm's experiences gained from over six years of assisting public, private and government organizations in building and evaluating corporate governance and programs for internal control over financial reporting.

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

"With the introduction of our Model Audit Rule compliance solution, we continue our track record of providing solutions that are based on deep risk and control knowledge and practical implementation experience, enabling clients to achieve their objectives in the most efficient manner possible," added Asraf Bhugaloo, managing partner. "Our initial engagements with insurance organizations have yielded positive results for our clients without the disruptions, cost overruns and time delays experienced in initial SOX compliance."

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