Ala. Admin. Code r. 482-1-141-.11 - Communication Of Internal Control Related Matters Noted In An Audit
(1) In addition to
the annual audited financial report, each insurer shall furnish the
commissioner with a written communication as to any unremediated material
weaknesses in its internal controls over financial reporting noted during the
audit. Such communication shall be prepared by the accountant within sixty (60)
days after the filing of the annual audited financial report, and shall contain
a description of any unremediated material weakness (as the term material
weakness is defined by Statement on Auditing Standard 60, Communication of
Internal Control Related Matters Noted in an Audit, or its replacement) as of
December 31 immediately preceding (so as to coincide with the audited financial
report discussed in rule
482-1-141-.04(1)
in the insurer's internal control over
financial reporting noted by the accountant during the course of their audit of
the financial statements. If no unremediated material weaknesses were noted,
the communication should so state.
(2) The insurer is required to provide a
description of remedial actions taken or proposed to correct unremediated
material weaknesses, if the actions are not described in the accountant's
communication.
Author: Commissioner of Insurance
Notes
Statutory Authority: Code of Ala. 1975, ยง 27-2-17.
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