South Dakota § 58-6A-3.7 - Purpose of audit committee.
Full text of South Dakota South Dakota Codified Laws § 58-6A-3.7 — Purpose of audit committee., with citation guidance and answers to common questions.
§ 58-6A-3.7. Purpose of audit committee.
The audit committee of the risk retention group shall have a written charter that defines the committee's purpose, which, at a minimum, shall:
(1) Assist board oversight of the integrity of financial statements, the compliance with legal and regulatory requirements, and the qualifications, independence, and performance of the independent auditor and actuary;
(2) Discuss the annual audited financial statements and quarterly financial statements with management;
(3) Discuss the annual audited financial statements with the group's independent auditor and, if advisable, discuss the group's quarterly financial statements with the group's independent auditor;
(4) Discuss policies with respect to risk assessment and risk management;
(5) Meet separately and periodically, either directly or through a designated representative of the committee, with management and the independent auditor;
(6) Review with the independent auditor any audit problems or difficulties and management's response;
(7) Set clear hiring policies of the risk retention group as to the hiring of employees or former employees of the independent auditor;
(8) Require the external auditor to rotate the lead or coordinating audit partner having primary responsibility for the risk retention group's audit as well as the audit partner responsible for reviewing that audit so that neither individual performs audit services for more than five consecutive fiscal years; and
(9) Report regularly to the board of directors.
Source: SL 2016, ch 232, § 9.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 58-6A-3.7
What does South Dakota Codified Laws § 58-6A-3.7 cover?
Section 58-6A-3.7 ("Purpose of audit committee.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 58-6A-3.7?
A common citation format is "South Dakota Codified Laws § 58-6A-3.7" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 58-6A-3.7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.