Model Audit Rule (MAR) Adoption Plans

Dec 12th, 07
Progress in adopting the new MAR.

The NAIC/AICPA Working Group presented a survey at the Houston NAIC meeting that showed that 4 states intend to adopt the newly revised Model Audit Rule, now called the Annual Financial Reporting Model Regulation.  The model was revised to include much of the Sarbanes-Oxley Act elements of corporate governance.  Another 17 state insurance departments intend to adopt the Model in 2008.  This revised Model includes changes involving auditor independence, audit partner rotation, audit committee requirements and other corporate governance measures.  Ask us more about it.  It is one of our favorite topics!