Code of Colorado Regulations
700 - Department of Regulatory Agencies
703 - Division of Financial Services
3 CCR 703-2 - RULES AND REGULATIONS OF THE COLORADO DIVISION OF FINANCIAL SERVICES PERTAINING TO LIFE CARE INSTITUTIONS
Section 3 CCR 703-2-10.1 - Designation of Auditor to Examine Life Care Institutions
In accordance with the provisions of C.R.S. 11-49-107, the Commissioner may designate an independent auditor to conduct examinations of a provider. Upon the prior written request of a provider, the Commissioner may designate the same independent auditor engaged by a provider to prepare certified financial statements of the facility, pursuant to C.R.S. 11-49-106(1). Such a designation shall be effective when the Commissioner approves, in writing, each periodic engagement letter between the independent auditor and the provider. The engagement letter shall clearly state the independent auditor's intention to conduct sufficient tests of the provider's records to be able to assess the provider's level of compliance with all, or specifically stated, sections of Title 11, Article 49 of the Colorado Revised Statues, as amended, and all or specifically stated Division regulations applicable to life care institutions. The independent auditor must include a statement of the level of compliance with the laws and regulations specifically stated in the engagement letter in the report on the audited financial statements, or in a separate document specifically for that purpose. The failure to provide an adequate statement of the level of compliance may result in the Commissioner's revocation of the independent auditor's designation.
