Or. Admin. R. 410-141-5035 - FINANCIAL SOLVENCY REGULATION: Accountant's Letter of Qualifications
Current through Register Vol. 60, No. 12, December 1, 2021
(1) An accountant
shall furnish the CCO, in connection with and for inclusion in the filing of
the annual audited financial report, a letter stating the following:
(a) That the accountant is independent with
respect to the CCO and conforms to the standards of the accounting profession
as contained in the Code of Professional Ethics and pronouncements of the 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 CCOs, 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 410-141-5020 and that
the Authority will rely on the information contained in the report and opinion
in the monitoring and regulation of the financial position of CCOs.
(d) That the accountant consents to the
requirements of OAR 410-141-5020 and that the accountant agrees to make the
workpapers described in OAR 410-141-5040 available for review by the Authority,
or the Authority'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 410-141-5025.
(2) This section 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
Statutory/Other Authority: ORS 413.042, 414.615, 414.625, 414.635 & 414.651
Statutes/Other Implemented: ORS 414.610-414.685
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