(a) Report required. A written report shall be prepared in connection with any audit authorized or required pursuant to this subchapter.(b) Contents of report. The written report must include a management letter containing the following items, as applicable:(1) the criteria selected to measure effectiveness and efficiency;(2) internal controls;(3) compliance with state or federal laws;(4) conditions found by auditors and the effects of such conditions; and(5) any recommendations for improving operations or program effectiveness.(c) Required opinion. The report also must include an opinion on fair presentation of financial statements when included as part of the scope of the audit.(d) Supplemental items to be reported. The auditing entity's report should also include, to the extent necessary, each of the following items:(1) an analysis of the overall performance of the entity being audited;(2) an analysis of the audited entity's financial operations and condition; and(3) an analysis of receipts and expenditures made by each audited entity.(e) Filing requirements for audits. Copies of the auditing entity's report shall be filed with the Commissioner of Insurance no later than 30 days after the audits are presented to the board of directors of the audited guaranty association. Any response to the report by the board of directors must be submitted to the commissioner no later than the next meeting of the board of directors.(f) Audits excluded. This subchapter shall not apply to audits made by the Office of the State Auditor.