Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 26.00 - Annual Financial Reporting For Years Ending 2010 And After
Section 26.10 - Scope of Audit and Report of Independent Certified Public Accountant

Universal Citation: 211 MA Code of Regs 211.26
Current through Register 1531, September 27, 2024

Financial statements furnished pursuant to 211 CMR 26.06 shall be examined by the independent certified public accountant. The audit of the insurer's financial statements shall be conducted in accordance with generally accepted auditing standards. In accordance with AU § 319 of the Professional Standards of the AICPA, Consideration of Internal Control in a Financial Statement Audit, the independent certified public accountant should obtain an understanding of internal control sufficient to plan the audit. To the extent required by AU § 319, for those insurers required to file a Management's Report of Internal Control over Financial Reporting pursuant to 211 CMR 26.19, the independent certified public accountant should consider (as that term is defined in Statement on Auditing Standards (SAS) No. 102, Defining Professional Requirements in Statements on Auditing Standards or its replacement) the most recently available report in planning and performing the audit of the statutory financial statements. Consideration shall be given to the procedures illustrated in the Financial Condition Examiner's Handbook promulgated by the NAIC as the independent certified public accountant deems necessary.

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