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24.201.1107    FILING OF REPORTS

(1) Every permit holder who is required to file a report under ARM 24.201.1106 shall file with the board a copy of the highest level of public accounting work performed by the holder. Levels of reporting from the highest to lowest level are:

(a) an audit report (including the complete financial statements reported on);

(b) a review report (including the complete financial statements reported on);

(c) a compilation report (including the complete financial statements reported on); or

(d) if reports mentioned in (1)(a), (b), or (c) have not been issued, any other report (complete with the information reported on) that indicates the permit holder has expert knowledge of accounting or auditing.

(2) The board may require a permit holder to submit work papers prepared in support of the reports issued in (1)(a) and (b).

(3) The report submitted must have been issued within the period of time specified by the board. For reports submitted pursuant to (1)(c), the client's or employer's name and other identifying information must be deleted.

(4) This requirement will be satisfied by submission of a report by the practice unit of which the permit holder is a member. One report filed by a practice unit may be used to meet the filing requirement for all members of that practice unit who are required to file a report.

History: 37-50-203, MCA; IMP, 37-50-203, MCA; NEW, 1986 MAR p. 1500, Eff. 9/12/86; AMD, 1990 MAR p. 586, Eff. 3/30/90; AMD, 1992 MAR p. 2138, Eff. 9/25/92; AMD, 1997 MAR p. 540, Eff. 3/25/97; AMD, 2004 MAR p. 2916, Eff. 12/3/04; TRANS, from Commerce, 2005 MAR p. 2668; AMD, 2009 MAR p. 9, Eff. 1/16/09; AMD, 2010 MAR p. 2574, Eff. 10/29/10.

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