Illinois Administrative Code
Title 50 - INSURANCE
Part 925 - ANNUAL FINANCIAL REPORTING
Section 925.110 - Communication of Internal Control Related Matters Noted in an Audit
Current through Register Vol. 48, No. 12, March 22, 2024
In addition to the annual audited financial report, each insurer shall furnish the Director with a written communication as to any unremediated material weaknesses in its internal control over financial reporting noted during the audit. The communication shall be prepared by the accountant within 60 days after the filing of the annual audited financial report, and shall contain:
a) A
description of any unremediated material weaknesses (as the term material
weakness is defined by AU-C Section 265, Communicating Internal Control Related
Matters Identified in an Audit, AICPA Professional Standards (as of June 1,
2014 (no later amendments or editions), by American Institute of Certified
Public Accountants, Inc., 1211 Avenue of the Americas, New York NY 10036-8775;
website
b) The insurer is required to provide a description of remedial actions taken or proposed to correct unremediated material weaknesses, if the actions are not described in the accountant's communication.