Haw. Code R. § 16-185-110 - Communication of internal control related matters noted in an audit
(a) 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 Such communication
shall be prepared by the accountant within sixty days after the filing of the
annual audited financial report, and shall contain a description of any
unremediated material weakness as of December 31 immediately preceding, so as
to coincide with the audited financial report discussed in section 16-185-103,
Hawaii Administrative Rules, in the insurer's internal control over financial
reporting noted by the accountant during the course of their audit of the
financial statements The communication should state if no unremediated material
weaknesses were noted
(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.
Notes
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