Section 3.21.750. Work papers.

	(a)  An insurer required to file an annual audited financial report under AS 21.09.200(g) shall require the accountant to make available for review by division examiners all work papers prepared in the conduct of the accountant's audit and all communications related to the audit between the accountant and the insurer at the offices of the insurer, at the division, or at any other reasonable place designated by the director. The insurer shall require that the accountant retain the audit work papers and communications until the division has filed a report on examination covering the period of the audit but no longer than seven years after the filing date of the annual audited financial report.  
	(b)  In a review by division examiners in the course of a division examination, the division may make and retain photocopies of audit work papers. Work papers and communications obtained during the course of an examination will be considered examination work papers of the division under AS 21.06.150.  
	(c)  In this section, "work papers"  
		(1) means 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; and  
		(2) includes audit planning documentation, work programs, analysis, 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 the audit of the financial statements of an insurer and that support the accountant's opinion.   

Authorities

21.06.060;21.06.090;21.06.150;21.09.200

Notes

Reference

3 AAC 21.745

Authority

AS 21.06.060 AS 21.06.090 AS 21.06.150 AS 21.09.200

History

Eff. 8/31/2008, Register 187