Ga. Comp. R. & Regs. R. 120-2-60-.11 - Communication of Internal Control Related Matters Noted in an Audit
(1) In addition to
the annual audited financial Statements, 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. Such communication shall be prepared by the accountant within sixty (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 Structure 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
120-2-60-.04(1))
in the insurer's Internal control over financial reporting noted by the
accountant during the course of their audit of the financial statements. If no
unremediated material weaknesses were noted, the communication shall so
state.
(2) 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.
Notes
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