Section 6-832 - Annual audit; reportA. The records of each escrow agent shall be audited at least once each fiscal year by a certified public accountant. The audit shall include an audit of the escrow, account servicing and subdivision trust activities of the escrow agent and shall follow generally accepted accounting principles. A copy of the audit report shall be filed with the deputy director not more than one hundred twenty days after the end of the escrow agent's fiscal year. The audit requirement may be satisfied by filing a copy of the audit report, which is prepared by a certified public accountant, of the parent of the escrow agent including an audit of the escrow, account servicing and subdivision trust activities of the escrow agent within the prescribed time period. The deputy director may extend the time period in this subsection up to ninety days for good cause shown.B. At the time required by the deputy director, every escrow agent shall make and file in the office of the deputy director a true and correct report, in the form and containing the data the deputy director may require, of the business of the agent, including the agent's escrow, account servicing and subdivision trust activities. Every agent shall reply promptly in writing to an inquiry from the deputy director concerning the escrow agent's business.C. The scope of the audit shall include consideration of the escrow agent's internal control structure as defined in section 6-841 in accordance with generally accepted auditing standards. A separate report shall be submitted to the deputy director if reportable conditions are identified that indicate significant deficiencies in the design or operation of the internal control structure of the escrow agent that would adversely affect the agent's ability to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. If reportable conditions are identified, the report on reportable conditions shall recommend specific measures to improve the escrow agent's internal control structure.Amended by L. 2021, ch. 356,s. 175, eff. 9/29/2021.