2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 26 - Annual Audit and Financial Reporting
§ 632. Accountant’s letter of qualifications
- The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating:
(1) 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 Virgin Islands Board of Accountancy, or similar code;
(2) A general description of the accountant’s background and experience, and a description of the insurer auditing experience of the staff assigned to the engagement and whether each is an independent certified public accountant. Nothing within this Chapter shall be construed as prohibiting the accountant from utilizing such staff as the accountant considers appropriate where use is consistent with the standards prescribed by generally accepted auditing standards;
(3) That the accountant understands the annual audited financial report and the 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;
(4) That the accountant consents to the requirements of section 633 of this Chapter 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 633;
(5) 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
(6) A representation that the accountant is in compliance with the requirements of section 627.
