Or. Admin. Code § 836-011-0210
Current through Register Vol. 63, No. 11, November 1, 2024
Section 836-011-0210 - Accountant's Letter of Qualifications(1) An accountant shall furnish the insurer, in connection with and for inclusion in the filing of the annual audited financial report, a letter stating: (a) That the accountant is independent with respect to the insurer and conforms to the standards of the accounting profession as contained in the Code of Professional Ethics and pronouncements of the American Institute of Certified Public Accountants (AICPA) and the Rules of Professional Conduct of the Oregon State Board of Accountancy, or a similar code of conduct of the state board regulating the practice of accountancy in the state in which the accountant is licensed to practice.(b) The background and experience in general, and the experience in audits of insurers, of the staff assigned to the engagement and whether each is an independent certified public accountant.(c) That the accountant understands that the annual audited financial report and the opinion of the accountant thereon must be filed in compliance with OAR 836-011-0100 to 836-011-0230 and that the Director will rely on the information contained in the report and opinion in the monitoring and regulation of the financial position of insurers.(d) That the accountant consents to the requirements of OAR 836-011-220 and that the accountant agrees to make the workpapers described in 836-011-0220 available for review by the Director, or the Director's designee or appointed agent.(e) A representation that the accountant is currently licensed by an appropriate state licensing authority and is a member in good standing in the American Institute of Certified Public Accountants.(f) A representation that the accountant is in compliance with OAR 836-011-0160.(2) This rule does not prohibit an independent certified public accountant from using such staff as the accountant determines appropriate when use of the staff is consistent with the standards prescribed by generally accepted auditing standards.Or. Admin. Code § 836-011-0210
ID 4-1992, f. & cert. ef. 3-26-92; ID 22-2002, f. & cert. ef. 11-27-02; ID9-2008, f. 6-30-08, cert. ef. 7-1-08; ID 11-2008, f. & cert. ef. 7-29-08Stat. Auth.: ORS 731.244 & 731.488
Stats. Implemented: ORS 731.488