27-1-3.5-13. Independent audit work papers and communications; review by department examiners

IN Code § 27-1-3.5-13 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

Sec. 13. (a) A domestic insurer required to file an audited financial report under this chapter shall require its independent auditor to make available for review by department examiners:

(1) all work papers prepared in the conduct of the independent auditor's examination; and

(2) any record of significant communications related to the audit between the independent auditor and the insurer that took place at:

(A) the offices of the insurer;

(B) the department;

(D) any other reasonable place designated by the commissioner.

The insurer shall require the independent auditor to retain the audit work papers and communications until the department has filed a report on the examination covering the period of the audit but not later than seven (7) years after the date of the audit report.

(b) Department examiners, in conducting a review of an independent auditor's work papers, may make and retain copies of the work papers and communications. A review of an independent auditor's work papers and communications shall be considered an investigation and all work papers and communications obtained or copied during the course of that investigation are confidential under IC 27-1-3.1-15.

As added by P.L.244-1989, SEC.2. Amended by P.L.251-1995, SEC.13.

Previous Section

27-1-3.5-12.5. Management's report of internal control over financial reporting

Next Section

27-1-3.5-14. Exemption application; hearing