Sec. 3 AAC 21.740 - Communication of internal control related matters noted in an audit

ยง 3 AAC 21.740. Communication of internal control related matters noted in an audit

(a) The report on any unremediated material weakness in internal control over financial reporting required under AS 21.09.200(h) must describe each unremediated material weakness noted by the independent certified public accountant during the course of the audit of the financial statements that existed as of the immediately preceding December 31 to coincide with the last filed annual audited financial report.

(b) The report required under AS 21.09.200(h) must include a description of the insurer's remedial actions taken or proposed to correct each unremediated material weakness if the insurer's actions have not been described in the accountant's report.

(c) If the audit does not note any unremediated material weaknesses in internal control over financial reporting that are required to be reported under AS 21.09.200(h), the insurer shall file a statement to that effect with the director or the director's designee.

(Eff. 8/31/2008, Register 187)

Authority:AS 21.06.060

AS 21.06.090

AS 21.09.200

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