Ga. Comp. R. & Regs. R. 120-2-60-.13 - Definition, Availability and Maintenance of CPA Workpapers
(1) Workpapers are
the records kept by the independent certified public accountant of the
procedures followed, the tests performed, the information obtained, and the
conclusions reached pertinent to the audit of the financial statements of an
insurer. Workpapers, accordingly, may include audit planning documentation,
work programs, analyses, memoranda, letters of confirmation and representation,
abstracts of company documents and schedules or commentaries prepared or
obtained by the independent certified public accountant in the course of his or
her audit of the financial statements of an insurer and which support his or
her opinion thereof.
(2) Every
insurer required to file an Audited financial report pursuant to this rule
shall require the accountant to make available for review by insurance
department examiners all workpapers prepared in the conduct of the accountant's
audit and any communications related to the audit between the accountant and
the insurer, at the offices of the insurer, at the insurance department or at
any other reasonable place designated by the Commissioner. The insurer shall
require that the accountant retain the audit workpapers and communications
until the insurance department has filed a report on examination covering the
period of the audit but no longer than seven (7) years from the date of the
audit report.
(3) In the conduct of
the aforementioned review by insurance department examiners, it shall be agreed
that photocopies of pertinent audit workpapers may be made and retained by the
Department. Such reviews by the Department examiners are examinations and all
working papers and communications obtained during the course of such
examinations shall be afforded the same confidentiality as other examination
workpapers generated by the Department or Department examiners.
Notes
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