Haw. Code R. § 16-185-111 - Accountant's letter of qualifications
The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating:
(a) That the
accountant is independent with respect to the insurer and conforms to the
standards of the accounting profession, as contained in the Code of
Professional Ethics of the American Institute of Certified Public Accountants,
chapter 466, HRS, chapter 16-71, Hawaii Administrative Rules, and the Hawai`i
Board of Public Accountancy, or similar statutes, rules, and code of conduct
regulating the practice of accountancy in the state in which the accountant is
licensed to practice;
(b) The
background and experience in general, and the experience in audits of insurers
of the staff assigned to the engagement and whether each is an independent
certified public accountant. Nothing within this chapter shall be construed as
prohibiting the accountant from utilizing such staff as he or she deems
appropriate where that use is consistent with the standards prescribed by
generally accepted auditing standards;
(c) That the accountant understands the
annual audited financial report and his or her opinion thereon will be filed in
compliance with this chapter and that the commissioner will be relying on this
information in the monitoring and regulation of the financial position of
insurers;
(d) That the accountant
consents to the requirements of section 16-185-112 and consents and agrees to
make available for review by the commissioner, or the commissioner's designee
or appointed agent, the workpapers as defined in section 16-185-112, Hawaii
Administrative Rules;
(e) A
representation that the accountant is properly licensed by an appropriate state
licensing authority and is a member in good standing in the American Institute
of Certified Public Accountants; and
(f) A representation that the accountant is
in compliance with the requirements of section 16-185-106, Hawaii
Administrative Rules.
Notes
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