Cal. Code Regs. tit. 10 § 1950.200

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 1950.200 - Preparation of Independent Audit Report

These instructions have been prepared as an aid to licensees and their independent certified public accountants in the preparation of the audit report to be filed with the Department pursuant to Section 50200 of the California Residential Mortgage Lending Act [Division 20 (commencing with Section 50000), Financial Code.]

A. In General.

This report should be filed with the office of the Department with which the residential mortgage lender or residential mortgage loan servicer ordinarily transacts its business within 105 days of the end of the licensee's fiscal year.

B. Internal Control

The independent certified public accountant must provide a description of the system of internal control used by the residential mortgage lender or residential mortgage loan servicer, including material weaknesses in internal accounting controls, recommendations for improvements, and comments concerning corrective actions taken or in process.

C. The independent certified public accountant's opinion, the Statement of Financial Position, the Statement of Income and the Statement of Cash Flows, including any footnotes that are an integral part of those statements, are public records except as provided in Section 250.10, Title 10, California Code of Regulations. Other information required in the report will be considered confidential information and should be submitted as a separate report or in such a manner as to be easily separated from the Statement of Financial Position, Statement of Income and the Statement of Cash Flows.

Cal. Code Regs. Tit. 10, § 1950.200

1. New article 4 (section 1950.200) and section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).

Note: Authority cited: Section 50304, Financial Code. Reference: Section 50200, Financial Code.

1. New article 4 (section 1950.200) and section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).