Availability and maintenance of working papers of the independent certified public accountant
Arkansas Code § 23-63-1615
(a)
- (1) Each company shall require the independent certified public accountant to make available for review by the Insurance Commissioner or his or her appointed agent the work papers prepared in the conduct of the audit of the company.
- (2) The company shall require that the accountant retain the audit work papers for a period of not less than five (5) years after the period reported upon.
(b)
- (1) The aforementioned reviews by the commissioner shall be considered investigations, and all working papers obtained during the course of such investigations shall be confidential.
(2)
- (A) The company shall require that the independent certified public accountant provide photocopies of any of the working papers that the State Insurance Department considers relevant.
- (B) The department may retain such working papers.
- (c) "Work papers" or “working papers” as referred to in this section include, but are not necessarily limited to, schedules, analyses, reconciliations, abstracts, memoranda, narratives, flow charts, copies of company records, or other documents prepared or obtained by the accountant and his or her employees in the conduct of their audit of the company.