Accounting and Auditing Services for Title Companies
By law, each title insurance company, title insurance agent or direct operation in the state of Texas must have an annual audit of trust fund accounts performed by a Certified Public Accountant. The law specifies that the company or agent must submit the auditor’s report to the Texas Department of Insurance (TDI) no later than the 90th day after the company’s fiscal year-end.
Regulations issued by TDI specify the exact form and content of the financial statements and supplemental schedules. TDI has also issued regulations setting forth minimum internal control procedures over trust funds to be implemented by each title insurance company operating in the state. Further, the Title Insurance Basic Manual includes regulations regarding specific audit procedures to be applied by the CPA in performing audits of trust funds.
We have developed processes and procedures designed to help our trust fund audit clients comply with TDI’s audit requirement in a way that is both efficient and effective. Over the years, we have refined our processes and procedures, and applied them to title companies with both single office and multi-office, statewide operations.