Or. Admin. R. 410-141-5040 - FINANCIAL SOLVENCY REGULATION: Independent Certified Public Accountants Workpapers
Current through Register Vol. 60, No. 12, December 1, 2021
(1) For
the purpose of this section, workpapers are the records kept by an independent
certified public accountant of the procedures followed, the tests performed,
the information obtained and the conclusions reached pertinent to the
accountant's audit of the financial statements of a CCO. Accordingly,
workpapers may include audit planning documentation, work programs, analyses,
memoranda, letters of confirmation and representation, abstracts of company
documents and schedules or commentaries prepared or obtained by the independent
certified public accountant in the course of the accountant's audit of the
financial statements of a CCO and which support the accountant's
opinion.
(2) A CCO that is required
to file an audited financial report pursuant to OAR 410-141-5020 shall require
the accountant to make available for review by the Authority, all workpapers
prepared in the conduct of the accountant's audit and any communications
related to the audit between the accountant and the CCO, at the offices of the
CCO, at the Authority's offices or at any other reasonable place designated by
the Authority. The CCO shall require that the accountant retain the audit
workpapers and communications until the Authority has filed a report on
examination covering the period of the audit but no longer than seven years
from the date of the audit report.
(3) In the conduct of a periodic review by
the Authority's examiners, the Authority may make and retain photocopies of
pertinent audit workpapers. Any such review by the Authority's examiners is an
investigation and all working papers and communications obtained during the
course of such an investigation must be given the same confidentiality as other
examination workpapers generated by the Authority.
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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