S.D. Admin. R. 20:18:22:10 - Audited financial statements - Requirements for preparation

The executive secretary may require a licensee to prepare financial statements covering all financial activities of the licensee's establishment for a business year and to engage an independent accountant, licensed by the South Dakota state board of accountancy, to examine or to review the statements in accordance with § 20:37:11:07.

Unless the executive secretary approves otherwise in writing, the statements must be presented on a comparative basis. Consolidated financial statements may be filed by commonly owned or operated establishments, but the consolidated statements must include consolidating financial information or consolidating schedules presenting separate financial statements for each establishment. The accountant must express an opinion on the consolidated financial statements as a whole and shall subject the accompanying consolidating financial information to the auditing procedures applied in the examination of the consolidated financial statements.

Notes

S.D. Admin. R. 20:18:22:10
16 SDR 57, effective October 1, 1989.

General Authority: SDCL 42-7B-7.

Law Implemented: SDCL 42-7B-1, 42-7B-2, 42-7B-3, 42-7B-4, 42-7B-5, 42-7B-7, 42-7B-9, 42-7B-11, 42-7B-17, 42-7B-28, 42-7B-29, 42-7B-30, 42-7B-41, 42-7B-43, 42-7B-45.

Auditing, accounting, and review standards, § 20:37:11:07.

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