§ 147.6a. Letter of qualifications of independent certified public accountant.
The independent certified public accountant shall furnish the insurer for inclusion in the filing of the annual audited financial report a letter of qualifications that includes the following:
(1) A statement that the certified public accountant is independent from the insurer and conforms to the standards of the profession as contained in the Code of Professional Ethics and pronouncements of the American Institute of Certified Public Accountants, Inc. and The C.P.A. Law (63 P.S. § § 9.1—9.16(b)) or similar laws.
(2) A general description of the independent certified public accountant’s background and experience.
(3) A specific description of the insurer auditing experience of partners, senior managers, in-charge auditors or other key staff persons assigned to the engagement and a statement as to whether each staff person is an independent certified public accountant. This provision does not prohibit the independent certified public accountant from utilizing staff as the independent certified public accountant deems appropriate when consistent with the standards prescribed by generally accepted auditing standards.
(4) A statement that the independent certified public accountant understands that the annual audited financial report that the independent certified public accountant’s opinion thereon will be filed in compliance with this chapter and that the Commissioner will be relying on this information in the monitoring and regulation of the financial position of insurers.
(5) A statement that the independent certified public accountant consents to the requirements of § 147.11 (relating to definitions, availability and maintenance of independent certified public accountant workpapers) and that the independent certified public accountant consents and agrees to make available for review by the Commissioner, the Commissioner’s designee or Department examiners, the workpapers, as defined in § 147.11.
(6) Representation that the independent certified public accountant is properly licensed by an appropriate state licensing authority and is a member in good standing in the American Institute of Certified Public Accountants, Inc.
(7) Representation that the independent certified public accountant is in compliance with § 147.6 (relating to recognition, qualification and responsibilities of an independent certified public accountant).
Source The provisions of this § 147.6a adopted October 2, 2009, effective October 3, 2009, 39 Pa.B. 5730.
Cross References The section cited in 31 Pa. Code § 147.6 (relating to recognition, qualification and responsibilities of an independent certified public accountant).
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