Quick Turnaround Case Study


An insurance subsidiary participated as a reinsurer in a program that covered bail and immigration bonds issued by other insurance carriers. When a large number of claims were presented for payment, it became apparent that the program was not being operated by the other carriers as it had been originally presented.

As these events became public, the client's accounting firm withdrew its audit reports for the years in question. This led to a number of regulatory investigations of the insurance subsidiary, allowing them just four months to find a new accounting firm to re-audit the financial statements of the years in question, or they would risk losing their license, and thus the ability to continue in business.


  • Performed the statutory audits within the tight deadline.
  • Partnered with an SEC accounting firm to audit the parent company for that same time period.
  • Assisted the company in developing new procedures so that it could monitor its third party agents more carefully in the future.


  • Skoda Minotti met the regulator’s deadline to submit the re-audited financial statements, meaning the insurance company could maintain its license and remain in business
  • The financial stability rating, which had dropped a full letter rating, was restored
  • The Company became current in its filings with the SEC

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