Section R590-254-12 - Accountant's Letter of Qualifications(1) The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating: (a) that the accountant is independent with respect to the insurer and conforms to the standards of the profession as contained in the Code of Professional Ethics and pronouncements of the AICPA and the Rules of Professional Conduct of the Utah Division of Professional Licensing for Accountancy, or similar code;(b) the background and experience in general, and the experience in audits of insurers of the staff assigned to the engagement and whether each is an independent certified public accountant;(c) that the accountant understands the annual audited financial report and that the accountant's opinion thereon will be filed in compliance with this rule and that the commissioner will be relying on this information in the monitoring and regulation of the financial position of insurers; (d) that the accountant consents to the requirements of Section R590-254-13 of this rule and that the accountant consents and agrees to make available for review by the commissioner, or the commissioner's designee or appointed agent, the workpapers, as defined in Section R590-254-13;(e) a representation that the accountant is properly licensed by an appropriate state licensing authority and is a member in good standing in the AICPA; and(f) a representation that the accountant is in compliance with the requirements of Section R590-254-7.(2) Nothing within this rule shall be construed as prohibiting the accountant from utilizing staff as appropriate where use is consistent with the standards prescribed by generally accepted auditing standards.Utah Admin. Code R590-254-12
Amended by Utah State Bulletin Number 2021-13, effective 6/22/2021Amended by Utah State Bulletin Number 2023-02, effective 1/10/2023