33-33-1 Declaration of policy and purpose
33-33-2 Definitions
33-33-3 General requirements related to filing and extensions for filing of annual audited financial reports and audit committee appointment
33-33-4 Contents of annual audited financial report
33-33-5 Designation of independent certified public accountant
33-33-6 Qualifications of independent certified public accountants
33-33-7 Consolidated or combined audits
33-33-8 Scope of audit and report of independent certified public accountant
33-33-9 Notification of adverse financial condition
33-33-10 Communication of internal control related matters noted in an audit
33-33-10a Accountant’s letter of qualifications
33-33-11 Definition, availability and maintenance of independent certified public accountant workpapers
33-33-12 Requirements for audit committees
33-33-13 Conduct of insurer in connection with the preparation of required reports and documents
33-33-14 Canadian and British companies
33-33-15 Management’s report of internal control over financial reporting
33-33-16 Exemptions and effective dates
33-33-12a Internal Audit Function Requirements
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Terms Used In West Virginia Code > Chapter 33 > Article 33 - Annual Audited Financial Report

  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Audit committee: means a committee or equivalent body established by the board of directors of an entity for the purpose of overseeing the accounting and financial reporting processes of an insurer or group of insurers, and audits of financial statements of the insurer or group of insurers. See West Virginia Code 33-33-2
  • Audited financial report: means and includes those items specified in section four of this article. See West Virginia Code 33-33-2
  • Committee membership: Legislators are assigned to specific committees by their party. Seniority, regional balance, and political philosophy are the most prominent factors in the committee assignment process.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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.
  • Fraud: Intentional deception resulting in injury to another.
  • Group of insurers: means those licensed insurers included in the reporting requirements of article 27 of this chapter, or a set of insurers as identified by management for the purpose of assessing the effectiveness of internal control over financial reporting. See West Virginia Code 33-33-2
  • in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
  • independent certified public accountant: means an independent certified public accountant or accounting firm in good standing with the American Institute of Certified Public Accountants and in all states in which the accountant is licensed to practice. See West Virginia Code 33-33-2
  • Insurer: means any domestic insurer as defined in section six, article one of this chapter and includes any domestic stock insurance company, mutual insurance company, reciprocal insurance company, farmers" mutual fire insurance company, fraternal benefit society, hospital service corporation, medical service corporation, health care corporation, health maintenance organization, captive insurance company or risk retention group and any licensed foreign or alien insurer defined in article one of this chapter. See West Virginia Code 33-33-2
  • Internal audit function: means a person or persons that provide independent, objective and reasonable assurance designed to add value and improve an organization's operations and accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. See West Virginia Code 33-33-2
  • Internal control over financial reporting: means a process effected by an entity's board of directors, management and other personnel designed to provide reasonable assurance regarding the reliability of the financial statements. See West Virginia Code 33-33-2
  • Judgment: includes decrees and orders for the payment of money, or the conveyance or delivery of land or personal property, or some interest therein, or any undertaking, bond or recognizance which has the legal effect of a judgment. See West Virginia Code 2-2-10
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • SEC: means the United States Securities and Exchange Commission. See West Virginia Code 33-33-2
  • SOX Compliant Entity: means an entity that either is required to be compliant with, or voluntarily is compliant with, all of the following provisions of the Sarbanes-Oxley Act of 2002:

    (A) The preapproval requirements of Section 201, Section 10A(i) of the Securities Exchange Act of 1934. See West Virginia Code 33-33-2

  • State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10