Nev. Admin. Code § 669A.240 - Procedures for conduct of examination
The Division will, and a qualified firm shall, perform the examination in accordance with the examination procedures as follows:
1. If applicable, review the results of the
most recent examination and confirm with the management of the licensed family
trust company that all corrective action has been completed.
2. Confirm the submission of the required
financial information to the Division, including any supplementary information
requested by the Division.
3. Review
the licensed family trust company's compliance with the provisions of this
chapter and chapter 669A of NRS.
4.
Review the board and the committee structure of the licensed family trust
company for compliance with the governing instruments of the licensed family
trust company.
5. Review the
minutes of the board and any committees and determine whether the minutes are
retained permanently at the licensed family trust company office in physical or
electronic form and in compliance with the governing instruments of the
licensed family trust company.
6. If
the licensed family trust company has elected to undergo an independent review
pursuant to section 24 of this regulation, determine whether previous matters
in the management letter for external financial audits of the financial
statements of the licensed family trust company have been resolved, are being
addressed by the management of the licensed family trust company in a response
to the external auditor or do not require response or action.
7. If the licensed family trust company does
not submit audited financial statements to the Division as part of its
examination:
(a) Ensure that the licensed
family trust company provides an annual report, if required pursuant to NRS
NRS
669A.255, as amended by section 14 of Senate
Bill No. 384, chapter 256, Statutes of Nevada 2015, at page 1213;
(b) Make not more than five selections from
licensed family trust company accounts and client accounts and test
transactions in the accounts to determine whether the transactions are properly
authorized and properly recorded;
(c) Confirm through documentation and review
that procedures have been established to address periodic and timely
reconciliations of general ledger accounts and subsidiary ledgers of the
licensed family trust company, as appropriate; and
(d) Test through documentation and review
that:
(1) Controls are in place over suspense
accounts;
(2) The accounts are
periodically reconciled;
(3) The
accounts reflect appropriate items; and
(4) The accounts are promptly
cleared.
Notes
NRS 669A.270
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