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Spreadsheet Controls and the NAIC Model Audit Rule

White Paper Published By: Prodiance Corp.

Since the National Association of Insurance Commissioners (NAIC) made revisions to the Financial Reporting Model Regulation (Model Audit Rule) in June 2006, the insurance industry’s attention to the risks associated with financial reporting has been on the rise. Structured similarly to Section 404 of the Sarbanes‐Oxley Act, the Model Audit rule places a significant burden on C‐level executives to ensure their oversight in the internal controls for financial reporting (ICFR) process. Executives within these insurance organizations, both public and private, will be required to evaluate their internal controls in preparation for the first reports due in 2010 for the 2009 reporting period.



Tags : 
prodiance, sarbanes‐oxley act, security and integrity of data, analytics, risk assessment, optimization, , security

Prodiance Corp.
Published:  Dec 22, 2008
Type:  White Paper
Length:  13 pages








Spreadsheet Controls and the NAIC Model Audit Rule White Paper

November 2008 P-01514, Revision A












Prodiance White Paper
Table of Contents
TableofContents........................................................................................................................................1
SpreadsheetsandtheModelAuditRule....................................................................................................2
AuditorGuidance........................................................................................................................................2
LeveragingTechnology...............................................................................................................................5
ProdianceEnterpriseSpreadsheetManager..............................................................................................6
ProdianceeDiscovery..................................................................................................................................7
ProdianceSpreadsheetIQ..........................................................................................................................8
ProdianceLinkMigrationManager............................................................................................................9
ProdianceESM..........................................................................................................................................10
3LevelsofControl....................................................................................................................................11
ProvenROI................................................................................................................................................12
AboutProdiance.......................................................................................................................................12
Spreadsheet Controls & The Model Audit Rule 1 Prodiance White Paper
Spreadsheets and the Model Audit Rule
SincetheNationalAssociationofInsuranceCommissioners(NAIC)maderevisionstotheFinancialReportingModelRegulation(ModelAuditRule)inJune2006,theinsuranceindustry'sattentiontotherisksassociatedwithfinancialreportinghasbeenontherise.StructuredsimilarlytoSection404oftheSarbanes-OxleyAct,theModelAuditruleplacesasignificantburdenonC-levelexecutivestoensuretheiroversightintheinternalcontrolsforfinancialreporting(ICFR)process.Executiveswithintheseinsuranceorganizations,bothpublicandprivate,willberequiredtoevaluatetheirinternalcontrolsinpreparationforthefirstreportsduein2010forthe2009reportingperiod.
OnemajorhurdleinpreparingfortheModelAuditRuleisinunderstandinghowtomanageendusercomputing(EUC)applications(includingcriticalspreadsheets,Accessdatabases,andBIreports)tosuccessfullymeettheoutlinedcompliancerequirements.Insuranceorganizationsrelyoncomplexandmissioncriticalspreadsheetapplicationsasforecastingtoolstodetermineriskanduncertaintyforproperty,casualty,pension,health,life,annuities,andwelfareplans.Tokeepupwithever-changingcompliancemandatessuchasERISA,PBGC,FAS87,FAS106/158,andIAS19,proprietaryalgorithmsandextensiveIPisoftencreatedwithinthesespreadsheetapplications,makingtheirsafekeepingandintegrityparamounttobusinessoperations.
Inaddition,hundredsandeventhousandsofcriticalandcomplexspreadsheetsareusedinaccountingandfinanceoperationsforrevenuerecognition,accountreconciliation,journalentries,andclosingthebooks.Thesespreadsheetsoftencontainmanyexternallinksanddatafeeds,complexformulas,macros/VBcode,hiddendata,andadvancedmathematicalfunctions.Thiscomplexityeasilylendsitselftohumanerror,andwhenthesecriticalspreadsheetsareleftunmanaged,itcreatesanopendoorfornon-compliance,financiallossandevenfraud.Assuch,criticalspreadsheetsusedininsuranceoperationsneedtobemanage... [download for more]

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