NAIC Annual Financial Reporting Model Regulation (Model Audit Rule, MDL-205)
What is NAIC Annual Financial Reporting Model Regulation (Model Audit Rule, MDL-205)?
The NAIC Model Audit Rule as States adopt it: the annual audit of statutory financial statements by an independent CPA filed by 1 June, the accountant's registration, qualifications, five-year lead partner rotation, prohibited non-audit services and audit committee pre-approval, the accountant's letter of qualifications and seven-year work paper access, five-business-day reporting of material misstatement or capital shortfall, the sixty-day communication of unremediated material weaknesses, audit committee responsibilities and independence thresholds by premium, the internal audit function for insurers above five hundred million dollars of premium, the ban on misleading or coercing the auditor, and management's signed report on internal control over financial reporting. It comprises 21 controls organised across 5 domains, and applies in the United States.
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