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Troutman Pepper Locke says it reviewed Missouri’s audit exemption for smaller TPAs
Troutman Pepper Locke said it published an analysis of Missouri’s amended audit rule for third-party administrators. The firm said the amendment, effective September 30, exempts qualifying independent TPAs from CPA audits while retaining officer-certified financial statements and annual reporting obligations.
Key points
- The firm said one eligibility threshold is less than $1 million in total assets.Troutman Pepper Locke
- Troutman Pepper Locke said another threshold is less than $5 million in total revenue.Troutman Pepper Locke
- The firm said businesses operating for fewer than two fiscal years also qualify.Troutman Pepper Locke
- Troutman Pepper Locke said TPAs affiliated with insurance holding companies must still submit full audited statements.Troutman Pepper Locke