Ohio Administrative Code › Title 1301:10 - Division of Unclaimed Funds › Chapter 1301:10-3 - General Provisions › Section 1301:10-3-04 - Examination of accounts

Current through all regulations passed and filed through July 1, 2024
(A) The director may, at reasonable times and
			 upon reasonable notice, examine or cause to be examined by auditors of
			 supervisory departments or examiners of the divisions of the state, the records
			 of any holder or person which could be the holder of unclaimed funds, to
			 determine compliance with Chapter 169. of the Revised Code. The director may
			 enter into contracts, pursuant to procedures prescribed by the director, with
			 persons for the sole purpose of examining the records of holders, determining
			 compliance with Chapter 169. of the Revised Code, and collecting, taking
			 possession of, and remitting to the department's division of unclaimed funds,
			 in a timely manner, the amounts found and defined as unclaimed. Said amounts
			 due to the state 
								will be remitted directly to the state by the
			 holders subject to an involuntary examination initiated by the state. Said
			 persons, hereinafter referred to as contract auditors,
			  certify that they are knowledgeable
			 of Chapter 169. of the Revised Code, relevant United States and Ohio supreme
			 court rulings, generally accepted accounting principles (GAAP), generally
			 accepted auditing standards (GAAS), and any relevant examination/auditing
			 procedures promulgated pursuant to section
			 169.09 of the Revised Code, as
			 they relate to the identification and collection of unclaimed funds from
			 holders. Except as provided herein, a contract auditor conducting a
			 state-initiated involuntary examination within the borders of the state of Ohio
			 
								will
			 not be compensated by the state on a contingency
			 fee basis, but 
								will be compensated pursuant
			  to a fixed fee arrangement. State may
			 compensate a contract auditor on a contingency fee basis when the state of Ohio
			 has joined in an involuntary audit examination
			 initiated by another state, regardless of whether the holder is incorporated in
			 Ohio, or has its principal place of business or records within Ohio.
(B) The confidentiality of records and a
			 confidentiality agreement
(1) Records audited
			 pursuant to division (G) of section
			 169.03 of the Revised Code are
			 confidential, and 
									cannot be disclosed except as
			 
									stated
			 in section 169.06 of the Revised Code or as
			 the director considers necessary in the proper administration of Chapter 169.
			 of the Revised Code. The identity of a holder approved for an involuntary
			 examination is public record pursuant to Chapter 149. of the Revised
			 Code.
(2) The contract auditor and
			 division auditor  agree that they
			 
									cannot disclose information obtained during the
			 involuntary examination to anyone other than a participating state, unless
			 pursuant to or required by law.
(3)
			 The contract auditor, upon the written request of the holder,
			 
									will
			 sign a confidentiality agreement to which the holder is a signator. The
			 confidentiality agreement 
									will be entered into in the manner specified in
			 paragraph (H) of this rule.