Sec. 702. (a) A licensee shall, not later than ninety (90) days after the end of each fiscal year, or within any extended time as the director may prescribe, file with the director the following:

(1) An audited financial statement of the licensee for the fiscal year just ended, prepared in accordance with United States generally accepted accounting principles.

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Terms Used In Indiana Code 28-8-4.1-702

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) Any other information as the director may reasonably require.

     (b) An audited financial statement required under this section shall be prepared by:

(1) an independent certified public accountant; or

(2) an independent public accountant;

who is satisfactory to the director.

     (c) An audited financial statement required under this section must include or be accompanied by a certificate of opinion, of the independent certified public accountant or independent public accountant, that is satisfactory in form and content to the director. If the certificate of opinion is qualified, the director may order the licensee to take any action that the director finds necessary to enable the independent certified public accountant or independent public accountant to remove the qualification.

As added by P.L.198-2023, SEC.4. Amended by P.L.9-2024, SEC.492.

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