Iowa Admin. Code r. 191-113.12

Current through Register Vol. 47, No. 8, October 30, 2024

Rule 191-113.12 - Availability and maintenance of work papers of the independent certified public accountant

(1) Each captive company shall require its independent certified public accountant to make all work papers prepared in the conduct of the audit of the captive company available for review by the commissioner or the commissioner's appointed agent. The captive company shall require that the accountant retain the audit work papers for a period of not less than seven years after the report period.

(2) The review by the commissioner shall be considered an examination or investigation by the commissioner and all work papers obtained shall be confidential records. The captive company shall require that the independent certified public accountant provide photocopies of the work papers to the commissioner. The commissioner may retain any photocopies of work papers.

Adopted by IAB April 17, 2024/Volume XLVI, Number 21, effective 5/22/2024