Each licensee must submit an audit report of its financial statements to the State Tax Commission each year. This audit must be performed by an independent accountant who holds a permit to practice public accounting in the State of Mississippi.
1. The independent accountant, through the licensee, must submit an audit report which expresses an unqualified or qualified opinion, or disclaim an opinion on the statements taken as a whole in accordance with standards for the accounting profession established by rules and regulations of the Mississippi State Board of Public Accountancy.2. The preparation of statement without audit does not constitute compliance. The examination and audit must disclose whether the accounts, records and control procedures maintained by the licensee are as required by the regulations promulgated by the State Tax Commission.35 Miss. Code. R. § 5-03-01-103