§ 58-10-240. Definition, availability, and maintenance of independent certified public accountants' work papers.
§ 58‑10‑240. Definition, availability, and maintenance of independent certified publicaccountants' work papers.
(a) Work papers are therecords kept by the independent certified public accountant of the proceduresfollowed, the tests performed, the information obtained, and the conclusionsreached pertinent to the accountant's audit of the financial statements of aninsurer. Work papers, accordingly, may include audit planning documentation,work programs, analyses, memoranda, letters of confirmation and representation,abstracts of company documents, and schedules or commentaries prepared orobtained by the independent certified public accountant in the course of his orher audit of the financial statements of an insurer and which support theaccountant's opinion.
(b) Every insurerrequired to file an audited financial report pursuant to this Part shallrequire the accountant to make available for review by the Commissioner allwork papers prepared in the conduct of the accountant's audit and any communicationsrelated to the audit between the accountant and the insurer at the offices ofthe insurer, at the offices of the Commissioner, or at any other reasonableplace designated by the Commissioner. The insurer shall require that theaccountant retain the audit work papers and communications until theCommissioner has filed a report on examination covering the period of the auditbut no longer than seven years after the date of the audit report.
(c) In the conduct ofthe periodic review by the Commissioner's examiners in subsection (b) of thissection, copies of pertinent audit work papers may be made and retained by theCommissioner. Such reviews by the Commissioner's examiners shall be consideredinvestigations, and all working papers and communications obtained during thecourse of such investigations shall be confidential. (2009‑384, s. 1.)