# S.D. Codified Laws § 58-43-5.1: Examination of financial statements by accountant

> South Dakota · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-5.1

## Section

- **Citation:** S.D. Codified Laws § 58-43-5.1
- **Heading:** Examination of financial statements by accountant
- **Jurisdiction:** South Dakota
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** SD Code / Title 58 / Chapter 43 / Section 58-43-5.1

## Text

Financial statements furnished pursuant to § 58-43-4 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. In accordance with AU Section 319 of the Professional Standards of the AICPA, Consideration of Internal Control in a Financial Statement Audit as of January 1, 2009, the independent certified public accountant should obtain an understanding of internal control sufficient to plan the audit. To the extent required by AU Section 319, for those insurers required to file a Management's Report of Internal Control over Financial Reporting pursuant to § 58-43-16.13 , 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 as of January 1, 2009, the most recently available report in planning and performing the audit of the statutory financial statements. Consideration shall be given to the procedures illustrated in the Financial Condition Examiners Handbook promulgated by the National Association of Insurance Commissioners as adopted by the director by rules promulgated pursuant to chapter 1-26 , as the independent certified public accountant deems necessary.

Source: SL 2009, ch 271, § 14.

## Nearby sections

- [S.D. Codified Laws § 58-43-1 Definition of terms](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-1.md)
- [S.D. Codified Laws § 58-43-2 Annual audit required--Filing audited financial report--Extension of filing date--Audit committee](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-2.md)
- [S.D. Codified Laws § 58-43-3 Foreign or alien insurers--Exemption](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-3.md)
- [S.D. Codified Laws § 58-43-4 Annual audited financial report--Contents](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-4.md)
- [S.D. Codified Laws § 58-43-5 Financial statements](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-5.md)
- [S.D. Codified Laws § 58-43-5.1 Examination of financial statements by accountant](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-5.1.md)
- [S.D. Codified Laws § 58-43-6 Registration of retained accountant--Letter of acknowledgment from accountant](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-6.md)
- [S.D. Codified Laws § 58-43-7 Notification of dismissal or resignation of insurer's accountant--Reporting disagreements](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-7.md)
- [S.D. Codified Laws § 58-43-8 Explanation of disagreements between insurer and accountant--Letters from both insurer and accountant to director](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-8.md)
- [S.D. Codified Laws § 58-43-9 Qualifications of accountant](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-9.md)
- [S.D. Codified Laws § 58-43-9.1 Disqualification of accountant](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-9.1.md)
- [S.D. Codified Laws § 58-43-9.2 Disqualification of accountant for services provided contemporaneously with audit](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-9.2.md)
- [S.D. Codified Laws § 58-43-9.3 Exemption from disqualification provisions of §58-43-9.2](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-9.3.md)
- [S.D. Codified Laws § 58-43-9.4 Services which do not disqualify accountant--Audit committee preapproval](https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-9.4.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_SD_T58_C43_S58-43-5.1. Check the current official text before relying on it. Not legal advice.