# COMAR 31.05.11.08: COMAR 31.05.11.08. Scope of Audit and Report of Independent Certified Public Accountant

> Maryland · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_08

## Section

- **Citation:** COMAR 31.05.11.08
- **Heading:** COMAR 31.05.11.08. Scope of Audit and Report of Independent Certified Public Accountant
- **Jurisdiction:** Maryland
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Code of Maryland Regulations / Title 31 MARYLAND INSURANCE ADMINISTRATION / Subtitle 05 ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS / Chapter 11 Annual Financial Reporting / COMAR 31.05.11.08

## Text

A. Financial statements furnished pursuant to Regulation .04 of this chapter shall be examined by the independent certified public accountant. The audit of the insurer's financial statements shall be conducted in accordance with generally accepted auditing standards.
B. The independent certified public accountant shall obtain an understanding of internal control sufficient to plan the audit in accordance with AU Section 319 of the Professional Standards of the AICPA, Consideration of Internal Control in a Financial Statement Audit.
C. To the extent required by AU 319, for those insurers required to file a Management’s Report of Internal Control over Financial Reporting pursuant to Regulation .16 of this chapter , the independent certified public accountant should consider, as that term is defined in Statement on Auditing Standards (SAS) No. 102, Defining Professional Requirements in Statements on Auditing Standards or its replacement, the most recently available report in planning and performing the audit of the statutory financial statements.
D. The independent certified public accountant shall give consideration as he deems necessary to the procedures illustrated in the Financial Condition Examiners Handbook promulgated by the NAIC.

## Nearby sections

- [COMAR 31.05.11.01 COMAR 31.05.11.01. Purpose and Scope](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_01.md)
- [COMAR 31.05.11.02 COMAR 31.05.11.02. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_02.md)
- [COMAR 31.05.11.03 COMAR 31.05.11.03. Filing and Extensions for Filing Audited Financial Reports; Audit Committee Appointment](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_03.md)
- [COMAR 31.05.11.04 COMAR 31.05.11.04. Contents of Annual Audited Financial Report](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_04.md)
- [COMAR 31.05.11.05 COMAR 31.05.11.05. Designation of Independent Certified Public Accountant](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_05.md)
- [COMAR 31.05.11.06 COMAR 31.05.11.06. Qualifications of Independent Certified Public Accountant](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_06.md)
- [COMAR 31.05.11.07 COMAR 31.05.11.07. Consolidated or Combined Audits](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_07.md)
- [COMAR 31.05.11.08 COMAR 31.05.11.08. Scope of Audit and Report of Independent Certified Public Accountant](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_08.md)
- [COMAR 31.05.11.09 COMAR 31.05.11.09. Notification of Adverse Financial Condition](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_09.md)
- [COMAR 31.05.11.10 COMAR 31.05.11.10. Communication of Internal Control Related Matters Noted in an Audit](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_10.md)
- [COMAR 31.05.11.11 COMAR 31.05.11.11. Accountant's Letter of Qualifications](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_11.md)
- [COMAR 31.05.11.12 COMAR 31.05.11.12. Definition, Availability, and Maintenance of Independent Certified Public Accountant's Workpapers](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_12.md)
- [COMAR 31.05.11.13 COMAR 31.05.11.13. Requirements for Audit Committees](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_13.md)
- [COMAR 31.05.11.14 COMAR 31.05.11.14. Internal Audit Function Requirements](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_14.md)

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_08. Check the current official text before relying on it. Not legal advice.