Request for Comment on DRAFT Proposed Amended Regulation 3-1-4 - Concerning a Company's Annual Audited Financial Reports, Audit Committee and Internal Control Department Requirements

The Division is seeking comments on the following UPDATED draft proposed new regulation:

DRAFT Proposed Amended Regulation 3-1-4 - Concerning a Company's Annual Audited Financial Reports, Audit Committee and Internal Control Department Requirements

The purpose of this regulation is to improve the Division’s surveillance of the financial condition of companies by requiring: (1) an annual audit of financial statements reporting the financial position and the results of operations of companies by independent certified public accountants, (2) Communication of Internal Control Related Matters Noted in an Audit, and (3) Management’s Report of Internal Control over Financial Reporting.

This regulation is being amended to add language in a new Section 16 on Internal Audit Function Requirements and make other conforming editorial changes

The Division is requesting your comments be submitted to DORA_INS_RulesandRecords@state.co.us no later than 5 PM, Nov. 12, 2020.

This draft proposed new regulation, as well as other draft regulations currently released for informal public comment, can be found on our page for Draft Regulations and Bulletins for Informal Comments.