710 IAC 4-11-4 - Change of accountants
Authority: IC 23-19-6-5
Affected: IC 23-19
Sec. 4.
(a) An issuer
with an offering registered by qualification shall notify the commissioner in
writing, within five (5) business days of the removal, of the independent
accountant who was previously engaged to audit the issuer's financial
statements.
(b) The notification
required under subsection (a) shall include a statement of whether:
(1) there has been any disagreement with the
former accountant on any matter of:
(A)
accounting principles or practices;
(B) financial statement disclosure;
or
(C) auditing scope or procedure;
that if not resolved to the satisfaction of the former accountant would have caused it to make reference to the subject matter of the disagreement in connection with its report;
(2) the former accountant has advised the
issuer:
(A) that necessary internal controls
do not exist;
(B) that it has
information that has led it to no longer rely on management's representations
or that has made it unwilling to be associated with the financial statements
prepared by management;
(C) of the
need to expand significantly the scope of its audit; or
(D) that it has information that it has
concluded materially affects the fairness or reliability of a previously issued
audit report or financial statements to be issued.
(c) The issuer shall provide the
former accountant a copy of the notice required under subsection (a) no later
than the time it is filed with the commissioner. The issuer shall request that
the accountant furnish a letter addressed to the commissioner stating whether
the accountant agrees with the information in the notice. The letter shall be
filed with the commissioner within ten (10) business days after filing of the
notice.
Notes
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