TENTATIVE

Occ. Code 0438300

New York State Department of Civil Service

Classification Standard

BRIEF DESCRIPTION OF CLASS SERIES

            Abandoned Property Accounts Auditors conduct audits of entities having large financial assets and a probability of a substantial return to the State in abandoned property.  The positions audit the financial and business records of financial institutions (including banks, brokerage firms, stock transfer agents, mutual funds, and insurance companies), general corporations (including manufacturers, major retail chains and utilities), non-profit corporations and partnerships (hereinafter collectively referred to as Holders). The audit objective is to ensure that all abandoned property is properly recorded, accounted for and turned over as appropriate to the State under the provisions of the New York State (NYS) Abandoned Property and General Business Laws and related court and Attorney General decisions.  

            These positions are classified at the Office of the State Comptroller (OSC).

DISTINGUISHING CHARACTERISTICS

            Senior Abandoned Property Accounts Auditor: full performance level; independently performs abandoned property accounts audits under general direction from higher level supervisors.

            Associate Abandoned Property Accounts Auditor: first supervisory level; supervises Senior Abandoned Property Accounts Auditor, and performs the more difficult abandoned property accounts audits.

            Principal Abandoned Property Accounts Auditor: second supervisory level; supervises a team of Senior and Associate Abandoned Property Accounts Auditors and performs the most difficult abandoned property audits.

            Chief Unclaimed Property Accounts Auditor: program manager, one-position class; supervises all Abandoned Accounts Auditors under the direction of a Director Bureau Unclaimed Property.

RELATED CLASSES

            Accountants develop, examine, review, and supervise the preparation and maintenance of financial and accounting records, reports, and supporting documentation and develop and implement accounting systems and procedures.

            Auditors perform financial and performance audits of State and municipal agencies and programs, non-profit organizations, and businesses to examine, appraise and make recommendations about financial records, reports, management controls, and policies and practices affecting or reflecting the financial condition or operating results.

ILLUSTRATIVE DUTIES

            Senior Abandoned Property Accounts Auditor: performs audits and reviews in accordance with applicable standards to ensure that Holders are in compliance with the NYS Abandoned Property Law; makes the initial arrangements for the audit; discusses the scope of the audit with appropriate officials from the business establishment; reviews the Holders accounting and internal control policies and practices to evaluate the manner in which they report abandoned property; audits the financial records as they pertain to unclaimed dividends, securities, bond interest, outstanding checks and others; compares the Holders reports of abandoned property with the results of the audit to determine whether or not all amounts have been reported and whether the amount due to the State has been properly computed and paid; discusses with the appropriate officer of the entity any questions relative to individual items being audited or as to the Holders accounting practices; prepares schedules of audit findings and submits a copy to officers of the entity for their further review and research; provides verbal and written information to the entity concerning the application and interpretation of the Abandoned Property Law; prepares appropriate working papers and findings to document facts; draws conclusions and makes recommendations regarding the audit; participates in exit and entrance conferences; and prepares a draft report on the audit findings for review by the supervisor.

            Associate Abandoned Property Accounts Auditor: supervises a team of subordinate auditors in the conduct of an audit; plans the audit program of an entity to ensure compliance with the Abandoned Property Law; defines the scope and depth of the audit to maximize the probability of recovering unreported abandoned property and to identify compliance problems; assigns audit tasks to members of the audit team; reviews charts of accounts and determines which should be audited; performs the first review of the audit work paper files and abandoned property audit reports for adherence to the audit plan, adequacy of preparation, completeness and sufficiency of factual material to support conclusions and recommendations; makes on-site visits to review the progress of the audit team; evaluates subordinates performance based upon assigned tasks and expected standards; analyzes abandoned property reports to determine trend data and identify potentials for increased reporting of certain types of abandoned property; prepares reports to the principal auditor indicating trend data and recommends firms to be audited; prepares a written report to the principal auditor recommending a final determination of the value of abandoned property owned by the audited firm; and may make recommendations in writing concerning appropriate changes in policy and law to increase the effectiveness of the audit program and to broaden the coverage of the Law.

            Principal Abandoned Property Accounts Auditor: supervises multiple audit teams in the conduct of audits of Holders to ensure compliance with the appropriate sections of the NYS Abandoned Property Law; assigns trains, and evaluates subordinate auditors; conducts entrance conferences with appropriate officials of the entity being audited; evaluates the form and content of audit reports prepared by subordinates to ensure completeness, accuracy, sufficiency of factual material to support audit findings and recommendations and conformity to established report and audit standards; ensures that remedial action is taken and discuss specific problems, findings, and/or recommendations with official representatives of the entity; assists the Chief Unclaimed Property Accounts Auditor in identifying targets for audit by evaluating factors such as size, voluntary abandoned property reports, financial statements and appropriate articles from major financial publications to develop background materials in the selection of entities to be audited; prepares narrative and statistical reports and materials for informal hearings and/or for legal action; conducts investigations to determine possible abandoned property and to determine what portion, if any, is owed to the State; and ascertains that all audit findings and conclusions are properly substantiated.

            Chief Unclaimed Property Accounts Auditor: manages abandoned property audit staff by working with team leaders to develop annual audit plans and approving final draft plans for submission to the Director of Unclaimed Property; provides guidance to team leaders; reviews and approves all audit work papers prior to submission; reviews and approves all voluntary compliance proposals and related documentation prior to finalization; reviews, modifies and signs all audit unit correspondence and reports; and addresses all legal issues and concerns with the Director of Unclaimed Property and the Division of Legal Services; monitors all unit audit activities to improve their effectiveness by evaluating audit approaches and staff performance to ensure that the Bureaus program is consistent with technology and industry standards and in compliance with OSC imperatives; evaluates team leaders performance; identifies and recommends staff training and development opportunities; meets with staff to discuss current developments in the abandoned property industry; reviews and updates data security policies and procedures; and oversees audit contract vendors.  

MINIMUM QUALIFICATIONS

            Senior Abandoned Property Accounts Auditor

Open Competitive:  Bachelor's Degree including or supplemented by 24 undergraduate or graduate semester credit hours in accounting and/or auditing; and completion of a two-year traineeship, or Bachelor's Degree including or supplemented by 24 undergraduate or graduate credit hours in accounting and/or auditing; and two years of accounting and/or auditing experience.

Associate Abandoned Property Accounts Auditor

Promotion: one year of service as a Senior Abandoned Property Accounts Auditor.

            Principal Abandoned Property Accounts Auditor

Promotion: one year of service as an Associate Abandoned Property Accounts Auditor.

            Chief Unclaimed Property Accounts Auditor

Promotion: one year of service as a Principal Abandoned Property Accounts Auditor.

Date:  3/11

NOTE: Classification Standards illustrate the nature, extent and scope of duties and responsibilities of the classes they describe.  Standards cannot and do not include all of the work that might be appropriately performed by a class.  The minimum qualifications above are those which were required for appointment at the time the Classification Standard was written.  Please contact the Division of Staffing Services for current information on minimum qualification requirements or appointment or examination.