N.H. Admin. Code § Tre 303.05

Current through Register No. 45, November 7, 2024

Section Tre 303.05 - Request for Reports and Evaluation of Records

(a)Pursuant to RSA 471-C: 34, the administrator, is authorized to examine the records of any person in order to determine whether the person has complied with the provisions of RSA 471-C.

(b) The audit/examination process shall commence with the audit notification letter sent by the administrator to the audit/examination designee. This letter shall detail the audit period, identify the auditor(s) assigned and indicate who shall be at the entrance conference.

(c) Next, the auditor(s) shall make contact via telephone to:

(1) Review the role of the compliance auditor;

(2) Set up agreeable date, time and place for the entrance conference; and

(3) Acknowledge that a confirmation letter, including a list of documents which should be available at that conference, will be sent.

(d) The confirmation letter shall then be sent detailing and or including:

(1) The time, date and place of the entrance conference;

(2) A copy of RSA 471-C;

(3) List of records requested including, but not limited to:

a.Charter, articles of organization, and similar documents;

b.Organizational chart (corporate and personnel structure);

c.Computer conversion dates;

d.List of mergers and acquisitions with date and addresses;

e.Chart of general ledger accounts with check writing accounts highlighted;

f.Copies of previous years T-1 reports including work papers;

g.Copy of records retention manual;

h.Copy of policies and procedures relevant to unclaimed property;

i.Current year end statement of condition - annual report;

j.Accounting system user manuals;

k.Fee schedules including service charge policies;

l.Detailed dormant accounts report;

m.Listing of matured Certificates of Deposit (CD's), Individual Retirement Accounts (IRA's), 401(k)'s and account of similar nature.

n.Listing of dormant or inactive savings, time, Direct Deposit Accounts (DDA) and NOW accounts; and

o.Additional documents/records deemed appropriate or pertinent to the compliance examination of the particular holder by the examiner.

(e) At the agreed upon date, time and place the entrance conference shall be held to review:

(1)RSA 471-C the Unclaimed and Abandoned Property Law;

(2) The purpose, scope and objectives of the examination;

(3) How the examination will be conducted;

(4) The timeframes for production of documents and records;

(5) Identification of holder contact person(s);

(6) Explanation of when sampling techniques may be utilized;

(7) General questionnaire and complete same; and

(8) General questions and answers prior to commencing examination.

(f) As the result of this meeting agreement shall be reached so that the examiner(s) have:

(1) Temporary workspace;

(2) Unrestricted access to pertinent documents/records;

(3) Unrestricted and direct access to responsible staff;

(4) Prompt response to request by auditors, whether written, verbal or via telephone, facsimile.

(g) An examination by the administrator under authority of RSA 471-C shall include, but not be limited to, the following:

(1) Analysis of the books and records of the holder shall take place to identify unclaimed/abandoned property and to determine level of compliance in reporting. Discussion with appropriate holder personnel shall take place throughout the examination process;

(2)In accordance with generally accepted accounting principles the examiners shall select testing samples and complete testing procedures. The holder shall produce documentation in support of its accounting for the selected samples. Upon completion of testing and review if the examiner determines the holder is in compliance, the examiner shall proceed to close the audit;

(3) When the examiner finds unreported abandoned property or other evidence of non-compliance with the act further detailed analysis of the books and records of the holder shall be performed;

(4) A request for transaction codes list shall be made, if applicable;

(5) A holder shall be requested to furnish additional records or to carry out additional research when necessary for audit completion;

(6) When a holder's records are voluminous, unavailable, or physically or constructively inaccessible or where the holder questions the accuracy of its own records, estimation techniques shall be utilized to complete the examination; and

(7) Upon conclusion of examination the auditor shall prepare an examination report summarizing the procedures performed and the conclusions reached. This report shall also detail the amount(s) due, owing and deliverable.

N.H. Admin. Code § Tre 303.05

#7435, eff 1-25-01, EXPIRED: 1-25-09

New. #9465, INTERIM, eff 4-25-09, EXPIRED: 10-22-09