N.M. Admin. Code § 13.2.5.25
Current through Register Vol. 35, No. 24, December 23, 2024
Section 13.2.5.25 - INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT'S WORKPAPERSA. For purposes of this rule, workpapers are the records kept by the ICPA of the procedures followed, the tests performed, the information obtained, and the conclusions reached pertinent to the ICPA's examination of the financial statements of an insurer. Workpapers may include, without limitation, 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 ICPA in the course of the ICPAs examination of the financial statements of an insurer and which support the ICPA's opinion.B. An insurer required by this rule to submit an audited financial report, shall require the ICPA to make available for review by OSI examiners and examiners designated by the superintendent all workpapers prepared during the course of the ICPA's examination and any communications related to the audit between the ICPA and the insurer, at the offices of the insurer, at the OSI or at any other reasonable place designated by the superintendent. The insurer shall require that the ICPA retain the audit workpapers and communications until the OSI has filed a final report of examination covering the period of the audit but no longer than seven years from the date of the audit report.C. Reviews by OSI examiners shall be considered investigations, and all and communications obtained during the course of such investigations shall be afforded the same confidentiality as examination workpapers generated by the OSI. Photocopies of pertinent audit workpapers may be made and retained by the OSI.N.M. Admin. Code § 13.2.5.25
1/1/94; 13.2.5.25 NMAC - Rn, 13 NMAC 2.5.23 & A, 1/1/2010; 13.2.5.25 NMAC - N, 11/15/2012, Amended by New Mexico Register, Volume XXXI, Issue 18, September 29, 2020, eff. 10/1/2020