The objective of Phase III of an unclaimed property examination is to analyze the holder's accounts and identify abandoned property. This phase commences with a written data and information request from the third-party auditor to the holder, and may include a mutually agreed-upon date for a site or virtual visit. The third-party auditor may request that the data and information be produced electronically. If a site or virtual visit is requested, the visit shall take place within 30 days after the data and information requested is received. During the visit, the third-party auditor analyzes the holder's books and records, and if necessary, selects items for testing. The holder shall produce documentation supporting its accounting for the items selected within 60 days or an otherwise agreed-upon time period. The third-party auditor then may make a second site or virtual visit to the holder at an agreed-upon date to review and analyze the documents produced.

Note: Authority cited: Section 1571, Code of Civil Procedure. Reference: Section 1571, Code of Civil Procedure.

History

1. New section filed 4-22-2025; operative 7-1-2025 (Register 2025, No. 17).