Or. Admin. Code § 836-011-0210 - Accountant's Letter of Qualifications
(1) An 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 and pronouncements of the American Institute of Certified Public
Accountants (AICPA) and the Rules of
Professional Conduct of the Oregon State Board of Accountancy, or a similar
code of conduct of the state board 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.
(c) That the accountant
understands that the annual audited financial report and the opinion of the
accountant thereon must be filed in compliance with OAR
836-011-0100 to
836-011-0230 and that the
Director will rely on the information contained in the report and opinion in
the monitoring and regulation of the financial position of insurers.
(d) That the accountant consents to the
requirements of OAR 836-011-220 and that the accountant agrees to make the
workpapers described in
836-011-0220 available for
review by the Director, or the Director's designee or appointed
agent.
(e) A representation that
the accountant is currently licensed by an appropriate state licensing
authority and is a member in good standing in the American Institute of
Certified Public Accountants.
(f) A
representation that the accountant is in compliance with OAR
836-011-0160.
(2) This rule does not prohibit an
independent certified public accountant from using such staff as the accountant
determines appropriate when use of the staff is consistent with the standards
prescribed by generally accepted auditing standards.
Notes
Stat. Auth.: ORS 731.244 & 731.488
Stats. Implemented: ORS 731.488
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