1. (a) Within 120 days of the holder and the third-party auditor finalizing the findings in accordance with Section 1180.32, the third-party auditor shall provide the holder and the State Controller's Office with an examination report summarizing the procedures performed and the conclusions reached, including the amount of unclaimed property identified. The content and format of the report shall be in accordance with Section 1180.044(b) of this Article. The third-party auditor's working papers shall be subject to review by the State Controller's Office. The examination is closed when the third-party auditor delivers both the unclaimed property and the final examination report to the State Controller's Office. The holder shall be notified of any interest or penalties assessed on delinquent property.
2. (b) The examination report shall specify: (1) the work performed; (2) the property types reviewed; (3) the methodology of any sampling technique used in conducting the examination; (4) each calculation showing the value of property determined to be due; and (5) the findings of the third-party auditor conducting the examination.

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).