statutory audit

STATUTORY AUDIT

Compliance with Statutory Accounting Principles (SAP) is a concern for many of the smaller independent insurance companies. As a service provider to the industry, we have extensive knowledge of statutory accounting principles and their application and work with our clients to ensure compliance. 

FGMK’s experience from working in the insurance industry helps us advise clients on their complex and unique financial, tax, operational and strategic needs. Our partners and managing directors lead proactive teams of professionals while providing practical business solutions. In addition, our industry-focused approach enables us to identify and respond to key performance and business issues without delay.

FGMK provides audit services to companies in the insurance industry. Our audit quality starts with assurance professionals who have experience auditing insurance companies, including life, dental and home warranty contracts that fall under the statutory reporting guidelines in various jurisdictions.

We routinely communicate with clients on emerging topics from a GAAP and a statutory accounting and reporting perspective. As the NAIC is required to review each GAAP pronouncement and consider its applicability for statutory reporting purposes, much of this GAAP guidance ultimately affects statutory accounting.

We also support clients in the industry through:

Strategic and operational consulting. We perform competitive and benchmarking assessments and design and implement profit improvement plans that address today’s challenges. 

Acquisition and divestiture due diligence. We establish criteria for a competitive and strategic business combination transaction, allowing our clients to select and negotiate the best business combination. 

Turnaround and restructuring services. We address the necessary changes in cash and liquidity management, debt finance or insolvency to help our clients emerge as viable, competitive participants in the industry.