District of Columbia § 31-307 Scope of audit and report of independent certified public accountant.

District of Columbia Statutes

§ 31-307 — Scope of audit and report of independent certified public accountant.

District of Columbia·Title 31 Insurance and Securities.·Ch. 3 Annual Audited Financial Reports.

Financial statements furnished pursuant to § 31-303 shall be examined by an independent certified public accountant. In accordance with AU section 319 of the Professional Standards of the American Institute of Certified Public Accountants, Consideration of Internal Control in a Financial Statement Audit, the independent certified public accountant shall obtain a sufficient understanding of the insurer’s internal controls to ensure that the audit plan is effective. To the extent required by AU section 319, for those insurers required to file a management’s report of internal control over financial reporting pursuant to § 31-311.03 , the independent certified public accountant shall consider the most recently available management reports in planning and performing the audit of the statutory 

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Financial statements furnished pursuant to § 31-303 shall be examined by an independent certified public accountant. In accordance with AU section 319 of the Professional Standards of the American Institute of Certified Public Accountants, Consideration of Internal Control in a Financial Statement Audit, the independent certified public accountant shall obtain a sufficient understanding of the insurer’s internal controls to ensure that the audit plan is effective. To the extent required by AU section 319, for those insurers required to file a management’s report of internal control over financial reporting pursuant to § 31-311.03 , the independent certified public accountant shall consider the most recently available management reports in planning and performing the audit of the statutory financial statements. The audit of the insurer’s financial statements shall be conducted in accordance with generally accepted auditing standards. Consideration shall also be given to such other procedures illustrated in the Financial Condition Examiner’s Handbook promulgated by the NAIC as the independent certified public accountant deems necessary.

District of Columbia § 31-307 (Scope of audit and report of independent certified public accountant.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Oct. 21, 1993, D.C. Law 10-48, § 8, 40 DCR 6102; Feb. 27, 1996, D.C. Law 11-90, § 5(d), 42 DCR 7155; Mar. 12, 2011, D.C. Law 18-317, § 2(f), 57 DCR 12418