(1) The commission shall by regulation require audits of the financial statements of all licensees whose annual gross revenue is Three Million Dollars ($3,000,000.00) or more.

(2) The commission may require audits, compiled statements or reviews of the financial statements of licensees whose annual gross revenue is less than Three Million Dollars ($3,000,000.00).

(3) The audits, compilations and reviews provided for in subsections (1) and (2) must be made by independent accountants holding permits to practice public accounting in the State of Mississippi.

(4) Except as provided in subsection (5), for every audit required pursuant to this section:

(a) The independent accountants shall submit an audit report which must express an unqualified or qualified opinion or, if appropriate, disclaim an opinion on the statements taken as a whole in accordance with standards for the accounting profession established by rules and regulations of the Mississippi State Board of Public Accountancy, but the preparation of statement without audit does not constitute compliance.

(b) The examination and audit must disclose whether the accounts, records and control procedures maintained by the licensee are as required by the regulations promulgated by the commission.

(5) If the license of a licensee is terminated within three (3) months after the end of a period covered by an audit, the licensee may submit compiled statements in lieu of an additional audited statement for the licensee’s final period of business.

(6) The licensee shall be responsible for the payment of costs or fees generated by any audit required by the commission. Failure to pay such costs and fees for such audit may result in the revocation of his license.