Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-254 - Annual Financial Reporting Rule
Section R590-254-11 - Communication of Internal Control Related Matters Noted in an Audit
Universal Citation: UT Admin Code R 590-254-11
Current through Bulletin 2024-06, March 15, 2024
(1) In addition to the annual audited financial report, each insurer shall furnish the commissioner with a written communication as to any unremediated material weaknesses in its internal control over financial reporting noted during the audit.
(a) Such communication shall be
prepared by the accountant within 60 days after the filing of the annual
audited financial report, and shall contain a description of any unremediated
material weakness, as the term material weakness is defined by Statement on
Auditing Standard 60, Communication of Internal Control Related Matters Noted
in an Audit, or its replacement, as of December 31 immediately preceding, so as
to coincide with the audited financial report discussed in Subsection
R590-254-4(1),
in the insurer's internal control over financial reporting noted by the
accountant during the course of their audit of the financial
statements.
(b) If no unremediated
material weaknesses were noted, the communication should so state.
(2) The insurer shall 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.
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