D.C. Mun. Regs. tit. 26, r. 26-B115

Current through Register 71, No. 45, November 7, 2024

Rule 26-B115 - QUALIFICATIONS OF ACCOUNTANTS

115.1

The Commissioner shall not recognize any person as a certified public accountant who is not duly registered and in good standing under the laws of his or her place of residence or principal office.

115.2

The Commissioner shall not recognize any person as a public accountant who is not in good standing and entitled to practice under the laws of his or her place of residence of principal office.

115.3

The accountant's certificate shall contain the information specified in §§ 115.4 through 115.7.

115.4

The certificate shall be dated, signed, and shall identify without detailed enumeration the items of the report covered by the certificate.

115.5

The certificate shall have a reasonably comprehensive statement as to the scope of the audit made, including a statement as to the following items:

(a) Whether the accountant reviewed the procedures followed for safeguarding the securities of customers;

(b) Whether, with respect to significant items in the report covered by the certificate, any auditing procedures generally recognized as normal have been omitted, including a specific designation of the procedures and of the reasons for their omission;

(c) Whether the audit was made in accordance with generally acceptable auditing standards applicable in the circumstances; and

(d) Whether the audit omitted any procedure considered necessary by the accountant under the circumstances of the particular case.

115.6

Nothing in this section shall be construed to imply authority for the omission of any procedure which independent accountants would ordinarily employ in the course of an audit made for the purpose of expressing the opinions required under § 115.7.

115.7

The accountant's certificate shall state clearly the opinion of the accountant with respect to the financial statement covered by the certificate and the accounting principles and practices reflected therein.

115.8

Any matters to which the accountant takes exception shall be clearly identified; the exception shall be specifically and clearly stated; and, to the extent practicable, the effect of each exception on the related item of the report shall be given.

D.C. Mun. Regs. tit. 26, r. 26-B115

Final Rulemaking published at 40 DCR 6732 (September 24, 1993); as amended by Emergency Rulemaking published at 48 DCR 1987 (March 2, 2001) [EXPIRED]; as amended by Final Rulemaking published at 48 DCR 4106 (May 11, 2001)