Haw. Code R. § 16-185-112 - Definition, availability, and maintenance of independent certified public accountants workpapers
(a) 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 accountant's audit of the financial
statements of an insurer. Accordingly, workpapers 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 the accountant's opinion.
(b) Every insurer required to file an audited
financial report pursuant to this chapter, shall require the accountant to make
available for review by insurance division 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 division 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 division has filed a report
on examination covering the period of the audit but no longer than seven years
from the date of the audit report.
(c) In the conduct of the aforementioned
periodic review by the insurance division examiners, it shall be agreed that
photocopies of pertinent audit workpapers may be made and retained by the
division. Such reviews by the division examiners shall be considered
investigations and all working papers and communications obtained during the
course of such investigations shall be afforded the same confidentiality as
other examination workpapers generated by the division.
Notes
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