Section 90.470 - Preparation and auditing of financial statements1. Except as otherwise provided in subsection 2 of this section or in the Uniform Limited Offering Circular (Form U-7) adopted by the North American Securities Administrators Association, a financial statement filed pursuant to paragraph (q) of subsection 2 of NRS 90.490 must be:(a) Prepared in accordance with generally accepted accounting principles;(b) Audited in accordance with generally accepted auditing standards; and(c) Except as otherwise approved by the Administrator under the circumstances of the case, contain the unqualified opinion of an independent certified public accountant.2. If an issuer has an established fiscal year and submits a financial statement which:(a) Is audited as provided in this section; and(b) Covers at least 1 fiscal year, any interim financial statement which is filed for the period between the end of the issuer's last fiscal year and the date of filing need not be audited, but must be prepared in accordance with generally accepted accounting principles.3. In the case of a registration by an issuer with one or more subsidiaries, a consolidated financial statement complying with the requirements of this section and NRS 90.490 must be filed.4. The requirements of this section are met by a financial statement prepared in accordance with any requirements prescribed for the issuer by the Securities and Exchange Commission.Nev. Admin. Code § 90.470
Added to NAC by Sec'y of State, eff. 4-22-88; A 10-16-89