Ala. Admin. Code r. 482-1-141-.09

Current through Register Vol. 43, No. 02, November 27, 2024

Section 482-1-141-.09 - Scope Of Audit And Report Of Independent Certified Public Accountant

Financial statements furnished pursuant to rule 482-1-141-.05 shall be examined by the independent certified public accountant. The audit of the insurer's financial statements shall be conducted in accordance with generally accepted auditing standards. In accordance with AU Section 319 of the Professional Standards of the AICPA, Consideration of Internal Control in a Financial StatementAudit, the independent certified public accountant should obtain an understanding of internal control sufficient to plan the audit. To the extent required by AU 319, for those insurers required to file a Management's Report of Internal Control over Financial Reporting pursuant to rule 482-1-141-.17, the independent certified public accountant should consider (as that term is defined in Statement on Auditing Standards (SAS) No. 102, Defining Professional Requirements in Statements on Auditing Standards or its replacement) the most recently available report in planning and performing the audit of the statutory financial statements. Consideration shall be given to the procedures illustrated in the Financial Condition Examiners

Handbook promulgated by the National Association of Insurance Commissioners as the independent certified public accountant deems necessary.

New: Filed January 31, 2008; effective July 1, 2008. Filed with LRS February 1, 2008. Rule is not subject to the Alabama Administrative Procedure Act.

Amended by Alabama Administrative Monthly Volume XXXVI, Issue No. 09, June 29, 2018, eff. 1/1/2019. Rule is not subject to the Alabama Administrative Procedure Act.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-3-26, 27-7-43.