Sec. 7-2. Audited financials.
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Sec. 7-2. Audited financials.
(a)Each licensee shall, within 90 days after the end of each fiscal year, or within any extended time as the Secretary may prescribe, file with the Secretary:
(1)an audited financial statement of the licensee for the fiscal year prepared in
accordance with United States generally accepted accounting principles; and
(2)any other information as the Secretary may reasonably require.
(b)The audited financial statements shall be prepared by an independent certified public accountant or independent public accountant who is satisfactory to the Secretary;
(c)The audited financial statements shall 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 Secretary. If the opinion or certificate is qualified, the licensee must make a separate report to the Secretary notifying them of the qualified opinion or certification. If the certificate or opinion is qualified, the Secretary may order the licensee to take any action as the Secretary may find necessary to enable the certified public accountant or independent public accountant to remove the qualification.