McGowanPRO is a family-owned industry leader for specialized Professional Liability Insurance. Gary Sutherland, founder of NAPLIA (which was recently acquired by McGowanPRO) and one of Audit Analytics’ first clients, has been using Audit Analytics for close to fifteen years. Gary … Continue reading
Category Archives: Financial Services (OIA)
Kingsway Financial Services, Inc. [KFS]: Extensive SEC Comment Letter Conversation Identifies Accounting Errors
Kingsway Financial Services, Inc. [KFS] was forced to restate financial statements to correct revenue recognition errors related to adoption of ASC 606 and its effect on warranty subscriptions and commissions The restatement was triggered by a 15-letter comment letter conversation … Continue reading
Auditor Market Share among Broker-Dealers
The Audit Analytics Broker-Dealer database contains information from over 84,000 focus reports filed by approximately 8,800 broker-dealers since January 1, 2001. Key data points collected include auditor, revenue, total assets, and contacts. In this post, we take a look at … Continue reading
Insurance Industry Sees Rise in Negative Events
There have been several negative events within the insurance industry over the past few years. In 2017, there were 18 restatements among registrants in the insurance industry, versus 10 in both 2016 and 2015. This uptick has continued into 2018, … Continue reading
Who Audits Insurance Companies
During 2017, there were 4,184 insurance companies registered with the NAIC (National Association of Insurance Commissioners). Unless a company receives an exemption from filing an audited financial statement, doing so is required. Only around 100 companies received such an exemption … Continue reading
Differences in Loss Reserve Estimate Disclosures Could Spell Uncertainty
Investors and analysts should be aware that there is more than one way to disclose Changes in Accounting Estimates. In some cases, inconsistency in the disclosure practices make it difficult to predict whether a review or an investigation is likely … Continue reading
Could We have Predicted the General Electric Insurance Charge?
General Electric (GE) stock reached a new low of $16.02 on January 19, 2018, continuing the 2017 downtrend into 2018. The slide followed an announcement that the company has completed a comprehensive review of its insurance portfolio. The review was … Continue reading