S.D. Admin. R. 20:18:22:11
Each licensed operator and route operator must submit to the commission one copy of its reviewed financial statements not later than 180 days after the last day of the operator or route operator's business year. In the event of a license termination, a change in the business entity, or a change in the percentage of ownership of more than 20 percent, the operator or route operator or former operator or route operator must, not later than 180 days after the event, submit to the commission one copy of its reviewed financial statements covering the period since the previous statement. If a license termination, a change in the business entity, or a change in the percentage of ownership of more than 20 percent occurs within 180 days after the end of the business year for which statements have not been submitted, the operator or route operator may submit statements covering both the business year and the final period of business. In lieu of reviewed financial statements, an operator or route operator may submit audited financial statements covering the relevant period.
If an operator or route operator changes its business year, the operator or route operator must prepare and submit to the executive secretary reviewed financial statements covering the "stub" period from the end of the previous business year to the beginning of the new business year not later than 180 days after the end of the stub period or incorporate the financial results of the stub period in the statements for the new business year.
Reports that directly relate to the independent accountant's review or audit of the operator or route operator's financial statements must be submitted within 180 days after the end of the operator or route operator's business year.
The executive secretary may request additional information and documents from either the operator or route operator or the operator's or route operator's independent accountant, through the operator or route operator, regarding the financial statements or the services performed by the accountant. Following the executive secretary's review of submitted reviewed financial statements and upon written notice to an operator or route operator specifying the reasons therefor, the executive secretary may require an operator or a route operator to submit audited financial statements for the business year following the year covered by the submitted statements. Failure to submit the requested information or documents may be grounds for disciplinary action.
Any reviewed financial statements or audited financial statements submitted pursuant to this rule shall be prepared in accordance with generally accepted accounting principles. Reviews shall be conducted in accordance with Statements on Standard Accounting Review Services and audits shall be conducted in accordance with Statements on Auditing Standards issued by the American Institute of Certified Public Accountants.
S.D. Admin. R. 20:18:22:11
General Authority: SDCL 42-7B-7, 42-7B-11(13).
Law Implemented: SDCL 42-7B-7, 42-7B-11(13), 42-7B-17.