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

Current through October 23, 2012

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.

                
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(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.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 35-3207.

Effect of Amendments

D.C. Law 18-317 substituted "audit" for "examination"; added the second and third sentences; and substituted "consideration shall" for "consideration should".

Temporary Amendments of Section

For temporary (225 day) amendment of section, see § 5(d) of Insurance Omnibus Temporary Amendment Act of 1995 (D.C. Law 11-36, September 8, 1995, law notification 42 DCR 5305).

Emergency Act Amendments

For temporary amendment of section, see § 6(d) of the Insurance Omnibus Emergency Amendment Act of 1995 (D.C. Act 11-48, May 15, 1995, 42 DCR 2544) and § 5(d) of the Insurance Omnibus Congressional Recess Emergency Amendment Act of 1995 (D.C. Act 11-97, July 19, 1995, 42 DCR 3844).

For temporary (90 day) amendment of section, see § 2(f) of Annual Financing Reporting Modernization Emergency Amendment Act of 2010 (D.C. Act 18-665, December 28, 2010, 58 DCR 80).

For temporary (90 day) amendment of section, see § 2(f) of Annual Financial Reporting Modernization Congressional Review Emergency Amendment Act of 2011 (D.C. Act 19-30, March 15, 2011, 58 DCR 2591).

Legislative History of Laws

For legislative history of D.C. Law 10-48, see Historical and Statutory Notes following § 31-301.

For legislative history of D.C. Law 11-90, see Historical and Statutory Notes following § 31-303.

For history of Law 18-317, see notes under § 31-301.