Idaho State Statutes - Idaho Attorney Directory

REQUIRED RECORDKEEPING -- INDEPENDENT AUDIT -- APPLICATION TO
OUTSIDE RECORDKEEPERS -- REPORT REQUIRED. (1) A licensee shall make and keep
books, accounts, and other records in such a form and manner as the director
may require. These records shall be kept at such a place and shall be
preserved for such a length of time as the director may specify.
(2) The director may require by order that a licensee write down any
asset on its books and records to a valuation which represents its then value.
In addition, the director may require an appraisal of any assets of a licensee
by an independent appraiser approved by the director.
(3) The director may require a licensee to file with the director, not
more than ninety (90) days after the close of each calendar year or a longer
period if specified by the director, an audit report containing all of the
following:
(a) Financial statements, including balance sheet, statement of income or
loss, statement of changes in capital accounts, and statement of changes
in financial position or, for a licensee that is an Idaho nonprofit
corporation, comparable financial statements for, or as of the end of, the
calendar year, prepared with an audit by an independent certified public
accountant or an independent public accountant subject to approval by the
director in accordance with generally accepted accounting principles.
(b) An unqualified report, certificate, or opinion of the independent
certified public accountant or independent public accountant subject to
approval by the director who performs the audit, stating that the
financial statements were prepared in accordance with generally accepted
accounting principles.
(c) Other information that the director may require.
(4) If a person other than a licensee makes or keeps the books, accounts,
or other records of that licensee, this chapter applies to that person with
respect to the performance of those services and with respect to those books,
accounts, and other records to the same extent as if that person were the
licensee.
(5) If a person other than an affiliate or subsidiary of a licensee makes
or keeps any of the books, accounts, or other records of that affiliate or
subsidiary, this chapter applies to that person with respect to those books,
accounts, and other records to the same extent as if that person were the
affiliate or subsidiary.
(6) If the director considers it expedient, the director may require any
particular licensee to obtain the approval of the director before permitting
another person to make or keep any of the books, accounts, or other records of
the licensee.
(7) Each licensee, each affiliate of a licensee, and each subsidiary of a
licensee shall file with the director such reports as and when the director
may require. A report shall be in such a form and shall contain such
information as the director may require.

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