In addition to the definitions set forth in Iowa Code section
521J.1 and rule
191-1.1 (502,505), the following
definitions apply:
"Captive manager" means a person who is on
the Iowa approved captive management firms list and, pursuant to a written
contract with a captive company, provides and coordinates services including
but not limited to accounting, statutory filings, signed annual statements and
coordination of related services. The captive manager acts as an intermediary
who facilitates and assists the captive company in meeting its statutory
requirements under Iowa Code chapter 521J.
"Work papers" include, but are not
necessarily limited to, schedules, analyses, reconciliations, abstracts,
memoranda, narratives, flow charts, copies of company records or other
documents prepared or obtained by the accountant and the accountant's employees
in the conduct of their audit of the captive company.
Notes
Iowa Admin. Code r. 191-113.3
Adopted by
IAB
April 17, 2024/Volume XLVI, Number 21, effective
5/22/2024
