375.1042. Audit of financial statement by independent accountant. - Missouri Statutes

Audit of financial statement by independent accountant.

375.1042. Financial statements of the insurer to be filed pursuant tosection 375.1030 shall be examined by an independent certified publicaccountant. The audit by the independent certified public accountant ofthe insurer's financial statements shall be conducted in accordance withgenerally accepted auditing standards. In accordance with AU Section 319of the Professional Standards of the AICPA, Consideration of InternalControl in a Financial Statement Audit, the independent certified publicaccountant should obtain an understanding of internal control sufficient toplan the audit. To the extent required by AU 319, for those insurersrequired to file a Management's Report of Internal Control over FinancialReporting under section 375.1056, the independent certified publicaccountant should consider, as such term is defined in Statement onAuditing Standards (SAS) No. 102, Defining Professional Requirements inStatements on Auditing Standards or its replacement, the most recentlyavailable report in planning and performing the audit of the statutoryfinancial statements. Consideration shall be given to proceduresillustrated in the Financial Condition Examiner's Handbook promulgated bythe National Association of Insurance Commissioners as the independentcertified public accountant deems necessary.

(L. 1991 H.B. 385, et al. § 9, A.L. 2009 H.B. 577)