Audits

PURPOSE: Small loan companies are required to file an audit once a year with the Division of Finance. Unless this audit is filed, a company may not receive a renewal of its certificate of registration. This rule sets out the type of audit required and the time when it must be filed. (1) No certificate of registration will be renewed unless a properly completed audit report is submitted to this division. (2) A properly computed audit report shall meet the following requirements: (A) It shall contain a balance sheet reflecting the registrant’s financial condition; and (B) It shall contain an opinion statement signed by a certified public accountant (C.P.A.) or authorized representative stating that s/he believes that, according to generally accepted accounting principles, the enclosed balance sheet fairly and accurately reflects the registrant’s financial condition. (3) The audit may only be prepared by a C.P.A. or a firm of which one (1) of the partners or employees is a C.P.A. The accountant, if an individual, shall have no financial interest in the registrant. If the accountant is a partnership or professional corporation, none of the partners nor any of the directors, officers or employees shall have a financial interest. (4) The registrant shall submit an audit report reflecting its financial condition as of the end of the most recent fiscal year. However, if the registrant’s most recent fiscal year ends within five (5) months of the statutory deadline for submitting the audit (May 31), the registrant may submit an audit report for the next most recent fiscal year. (5) Since the requirements of this rule, specifically section (4), differ from the prior manner in which this division administered sections 367.205, 367.210 and 367.215, RSMo the following procedure shall be observed by registrants in applying for a renewal of a certificate of registration commencing with July 1, 1975 and ending with June 30, 1976: (A) If the registrant has a fiscal year ending in the period commencing with July 1 and ending with December 31, it shall submit an audit report covering the fiscal year ending in 1974; (B) If the registrant has a fiscal year ending in the period commencing with January 1 and ending with June 30, it need only submit an audit report for the fiscal year ending in 1974 and need not submit an audit report for the fiscal year ending in 1975; and (C) If the registrant has already submitted an audit report for its fiscal year ending in 1974, it need not resubmit that report in order to obtain a renewal of its certificate of registration for the year commencing with July 1, 1975 and ending with June 30, 1976. AUTHORITY: section 367.170, RSMo 1986.* This rule originally filed as 4 CSR 140-5.010. Original rule filed Sept. 19, 1975, effective Sept. 29, 1975. Moved to 20 CSR 1140-5.010, effective Aug. 28, 2006. *Original authority: 367.170, RSMo 1951, amended 1984. State ex rel. Miller v. Crist, 579 SW2d 837 (Mo. App. 1979). Appellant sought through writ of mandamus to compel the commissioner of finance to disclose certain records of the division involving small loan companies. Since the records are made confidential by a specific statutory provision predating the general open records laws, and no repeal by implication is apparent, the general law must yield to the specific, and disclosure is not required.