Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-190 - RULES FOR SELF-INSURERS UNDER THE WORKERS' COMPENSATION ACT › Section 69O-190.0591 - Independent Certified Public Accountants

Current through Reg. 50, No. 138; July 16, 2024
(1) Designation of Independent Certified
				Public Accountant.
(a) Each fund required by
				subsection 69O-190.059(4),
				F.A.C., to file an annual audited financial statement shall, by the end of the
				fiscal year subject to audit, notify the Office in writing of the name and
				address of the fund's independent certified public accountant or accounting
				firm (generally referred to in this rule as the "accountant") retained to
				conduct the annual audit required by subsection
				69O-190.059(4),
				F.A.C.
(b) The fund shall obtain a
				letter from the accountant, and file a copy with the Office, stating that the
				accountant is aware of the provisions of the Florida Statutes which relate to
				the financial reporting and operation of the fund and the Rules and of the
				Office, and affirming that he will express his opinion on the financial
				statements in terms of their conformity to the NAIC's Accounting Practices and
				Procedures Manual for Property and Casualty Insurance Companies, 1993 edition,
				specifying the exceptions as he may believe appropriate.
(c) If an accountant who was the accountant
				for the immediately preceding filed annual audited financial statement is
				dismissed or resigns, the fund shall within five (5) business days notify the
				Office of this event. The fund shall also furnish the Office with a separate
				letter within ten (10) business days of the above notification stating whether
				in the twenty-four (24) months preceding that event there were any
				disagreements with the former accountant on any matter of accounting principles
				or practices, financial statement disclosure, or auditing scope or procedure;
				which disagreements, if not resolved to the satisfaction of the former
				accountant, would have caused him to make reference to the subject matter of
				the disagreement in connection with his opinion. The disagreements required to
				be reported in response to this section include both those resolved to the
				former accountant's satisfaction and those not resolved to the former
				accountant's satisfaction.
(d)
				Disagreements contemplated by this section are those that occur at the
				decision-making level, i.e., between personnel of the fund responsible for
				presentation of its financial statements and personnel of the accounting firm
				responsible for rendering its report. The fund shall also in writing request
				the former accountant to furnish a letter addressed to the fund stating whether
				the accountant agrees with the statements contained in the fund's letter, and
				if not, stating the reasons for which he does not agree; and the fund shall
				furnish the responsive letter from the former accountant to the Office together
				with its own.
(e) The reporting
				requirements in paragraphs (c) and (d), above, shall also apply to the fund's
				qualified actuary.