District of Columbia § 31-309 Communication of internal control related matters noted in audit.

District of Columbia Statutes

§ 31-309 — Communication of internal control related matters noted in audit.

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

(a)In addition to the annual audited financial report, an insurer shall furnish the Mayor with a written communication regarding any unremediated material weaknesses in its internal controls over financial reporting noted during the audit. If no unremediated material weaknesses were noted during the audit, the insurer shall submit a written communication stating this fact to the Mayor. The communication shall be prepared by the independent certified public accountant within 60 days after the filing of the annual audited financial report and shall contain a description of any unremediated material weakness, as of December 31 immediately preceding, in the insurer’s internal control over financial reporting noted by the accountant during the course of their audit of the financial statements.

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(a) In addition to the annual audited financial report, an insurer shall furnish the Mayor with a written communication regarding any unremediated material weaknesses in its internal controls over financial reporting noted during the audit. If no unremediated material weaknesses were noted during the audit, the insurer shall submit a written communication stating this fact to the Mayor. The communication shall be prepared by the independent certified public accountant within 60 days after the filing of the annual audited financial report and shall contain a description of any unremediated material weakness, as of December 31 immediately preceding, in the insurer’s internal control over financial reporting noted by the accountant during the course of their audit of the financial statements.

(b) The insurer shall provide a description of the remedial actions taken or those being proposed to correct unremediated material weaknesses if the actions are not described in the independent certified public accountant’s communication to the insurer.

District of Columbia § 31-309 (Communication of internal control related matters noted in audit.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.