Section 451.1228. Financial reports; audit.

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(1) Each firm shall submit a detailed balance sheet and income statement within 4 months after the end of its fiscal year. The bureau may modify or waive the income statement requirement. These statements, if not pursuant to audit, shall be certified as to correctness by an officer, partner, or proprietor of the firm. If the firm is a sole proprietorship a personal balance sheet of the proprietor shall be submitted with, and as of the same date as, the balance sheet of the firm.

(2) The bureau may at any time require the filing of special financial or other operational reports if it finds that such filing is in the public interest and for the protection of debtors.

(3) If a firm services more than 100 debtors, an audit shall be required of the firm annually. The audit shall be done pursuant to an approved audit plan submitted by an independent accountant and accepted by the bureau in writing.

History: 1979 AC.

                    
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