Internal Auditing in the Insurance Industry
Enhance your expertise in internal auditing with our Internal Auditing in the Insurance Industry Webinar, a comprehensive 12 CPE-credit virtual course tailored for auditors and compliance professionals in the insurance sector. This program focuses on the critical skills and knowledge needed to effectively audit in one of the most regulated, complex industries. Whether you are new to insurance auditing or in need of a refresher, this course equips you to excel in your role.
Why Attend?
1. Master Insurance Audit Fundamentals - Gain a deep understanding of statutory accounting principles, insurance regulations, and operational processes critical to the industry.
2. Build Robust Risk Management Skills - Learn how to effectively assess and mitigate risks while strengthening internal control systems within insurance entities.
3. Boost Your Professional Development - Refine your communication, audit planning, and execution strategies, ensuring professionalism and impactful reporting.
4. Earn 12 CPE Credits - Showcase your commitment to growth with this NASBA-approved seminar, earning 12 auditing credits recognized by industry leaders.
What You’ll Learn
This highly interactive training is designed to provide both foundational knowledge and advanced techniques tailored to the insurance industry.
Key Topics Include:
1. Insurance Industry Essentials
- Core understanding of insurance products, claims processes, underwriting, and actuarial concepts.
- Knowledge of industry-specific operations and their impact on auditing.
2. Statutory Accounting and Compliance
- Comprehensive overview of statutory accounting principles and financial statement preparation.
- Familiarity with regulations, such as NAIC Model Laws, governing insurance entities.
3. Audit Planning and Execution
- Strategies for risk-based audit planning to identify and mitigate vulnerabilities effectively.
- Development of audit programs, including execution and follow-up.
4. Internal Controls and Risk Management
- Establishing and evaluating internal control systems tailored to insurance companies.
- Techniques for identifying and addressing fraud risk, including prevention and detection.
5. Communication and Reporting
- Enhancing internal audit findings with clear, impactful communication.
- Delivering professional, actionable audit reports to stakeholders and management.
6. Navigating Organizational Culture
- Understanding the challenges of implementing change and fostering adaptation within corporate and regulatory environments.
Specialized Skills Taught
- Advanced fieldwork strategies and superior workpaper quality.
- Use of auditing software to increase accuracy and efficiency.
- Ethical considerations and their application to insurance auditing.
Benefits of Attending
By the end of this program, participants will be able to:
- Lead with Confidence: Implement effective auditing techniques for improved operational efficiency and compliance.
- Excel in Risk Management: Align your practices with industry standards and regulatory expectations.
- Expand Professional Skills: Develop core accounting, finance, and management insights unique to the insurance sector.
- Showcase Expertise: Receive a certification of completion and earn 12 CPE hours as proof of your competence.
Event Details
- Schedule: Held every eight weeks (Wednesday-Thursday, 9 a.m.–3 p.m. CST) with a lunch break.
- Format: Group internet-based webinar.
- CPE Credit: 12 NASBA-approved credits in Auditing.
- Fee: $825.
- Custom Training: Private sessions available for audit teams of two or more.
Who Should Attend?
This course is tailored for professionals involved in or aspiring to specialize in the internal audit processes of the insurance industry. Ideal participants include:
- Internal Auditors: Build expertise in insurance regulations and operational auditing.
- Compliance Professionals: Strengthen your ability to oversee and enhance risk controls.
- Insurance Industry Leaders: Drive success through improved audit approaches and governance.
Why Internal Auditing in Insurance Is Essential
The insurance sector operates with unique complexities, including stringent regulations, detailed financial reporting, and diverse risk factors. Internal auditors must be equipped to address these challenges by:
- Ensuring Regulatory Compliance: Align practices with statutory accounting and NAIC Model Laws to meet oversight requirements.
- Enhancing Transparency and Accuracy: Simplify intricate insurance operations for clear, constructive reporting.
- Protecting Assets: Mitigate financial and operational risks through structured audits and control systems.
Register Today
Don’t miss this opportunity to elevate your professional credentials and solidify your expertise in insurance auditing. Join the Internal Auditing in the Insurance Industry Webinar and gain the skills and insights needed to perform at an elite level in this field.
Register now to secure your spot and take your internal auditing career to the next stage with confidence and competence!
Details on Event Presentation
Offered on Wednesday-Thursday once every eight weeks in two six hour sessions for 12 CPE credits.
The sessions will run from 9:00 a.m. to 3:00 p.m. Central Time Zone.
There will be a lunch break from 12:00 noon to 12:30 p.m. each day.
We can schedule private courses on internal audit on your timetable for two or more attendees.
CPE Event Highlights
Internal auditors at insurance companies need to build a strong background in accounting, finance, and insurance operations.
Their work is focused on risk management, compliance and regulatory requirements, and internal control systems.
CCS is your special source for internal audit course and IT audit training both in-person and via webinars.
Learning Objectives
Build a comprehensive understanding the insurance industry and the role of internal audit within it.
Understand an overview the purpose and scope of internal auditing in insurance companies.
Expand the knowledge of statutory accounting and insurance finance principles.
Review the functional areas with an insurance entities operations.
Overview the current compliance and regulatory issues
Expand the attendee's knowledge of risk assessment and internal control systems within the insurance industry
Enhance the use of effective communication skills and the professionalism of the attendee.
Key Issues on the Agenda
Introductions
Section 1: Introduction to the insurance industry and the role of internal auditing within insurance companies.Section 2: Accounting and finance: Basic statuturoy accounting principles and financial statement presentation. Review regulatory reporting to the Insurance Commissioner.
Section 3: Insurance operations: Understanding of insurance products, underwriting, and claims processes, as well as risk management and actuarial concepts.
Section 4: Compliance and regulations: Knowledge of relevant NAIC Model Laws and regulations that govern the insurance industry.
Section 5: Auditing standards and methods: Overview of professional standards for internal auditing, including the International Professional Practice Framework (IPPF) and the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework.
Section 6: Risk assessment and internal control systems: Understanding of how to identify, evaluate, and mitigate risks within an insurance company, and how to design and implement effective internal control systems.
Section 7: Audit planning and execution: How to plan and conduct an internal audit, including setting audit objectives, developing audit programs, and reporting on findings and recommendations.
Section 8: Communication and professionalism: How to effectively communicate with management and other stakeholders, as well as best practices for maintaining a professional demeanor and building relationships.
Section 9: Summary and Wrap-Up
. Recap of Internal Auditing in the Insurance Industry
. Your Keys to Success!NASBA Program Disclosure
Program Level of Understanding: Intermediate
Prerequisites: Internal Audit 101 and/or Internal Audit 201
Advance Preparation: None
Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)
NASBA Field(s) of Study: Auditing
CPE Credits: 12, based on 50 minutes of instruction per hour
Summary of the Subject Matter
This CPE seminar covers the essentials of internal auditing in the insurance industry. It includes the role of internal audit in ensuring compliance, identifying and mitigating risk, and improving operational efficiencies. Attendees will learn how to develop and implement an effective internal audit program, which includes risk assessment, audit planning, execution, and reporting. The program also covers auditing techniques, such as sampling and testing, and the use of technology to improve audit effectiveness. Other topics include fraud detection and prevention, as well as ethical considerations for internal auditing. The program is designed for internal auditors, compliance professionals, and others in the insurance industry responsible for internal controls and risk management.