Arizona § 6-841 Internal control structure; definition

Arizona Statutes

§ 6-841 — Internal control structure; definition

Arizona·Title 6 Arizona Revised Statutes·Ch. 7 ESCROW AGENTS·Art. 3 Regulations

A.An escrow agent shall adopt a systematic internal control structure to ensure that persons employed by or associated with the escrow agent's business do not make significant errors or perpetuate significant irregularities or fraud without timely detection.

B.For purposes of this section, "internal control structure" means the policies and procedures established to provide reasonable assurance that the escrow agent will achieve the following objectives:

1.Safeguarding of the customers' assets.

2.Reliability in financial reporting.

3.Reliability in recording of all escrow transactions.

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A. An escrow agent shall adopt a systematic internal control structure to ensure that persons employed by or associated with the escrow agent's business do not make significant errors or perpetuate significant irregularities or fraud without timely detection.

B. For purposes of this section, "internal control structure" means the policies and procedures established to provide reasonable assurance that the escrow agent will achieve the following objectives:

1. Safeguarding of the customers' assets.

2. Reliability in financial reporting.

3. Reliability in recording of all escrow transactions.

Arizona § 6-841 (Internal control structure; definition) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.