Nevada Revised Statutes 671.120 – Examination of licensee by Commissioner; entry upon premises and access to documents; fee; audit in lieu of examination
1. Except as otherwise provided in subsection 4, once each year the Commissioner shall examine the financial accounts of each licensee and any other documents relevant to the conduct of the licensee’s business, and the Commissioner may conduct examinations at additional times.
Terms Used In Nevada Revised Statutes 671.120
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Licensee: means any person licensed under this chapter. See Nevada Revised Statutes 671.010
2. For the purpose of the examinations, the Commissioner may enter upon any of the business premises of a licensee or the licensee’s agents and obtain access to the relevant documents. Any obstruction or denial of such an entry or access is a violation of this chapter.
3. For each examination the Commissioner shall charge and collect from the licensee a fee for conducting the examination and in preparing and typing the report at the rate established and, if applicable, adjusted pursuant to NRS 658.101.
4. The Commissioner may accept a report of an audit of the licensee which covers the most recent fiscal year in lieu of conducting an examination.