Certifications & Limited scope audits

[austin3515]

I swear I heard a very high authority at the DOL say that a "duly authorized agent" of a bank, trust or insurance company could issue a certification that could be relied upon for the audit.

I have recently obtained such a certification from a pretty major investment firm, where the investment company certfied as "agent for the trust company."

From reviewing the regs, I cannot find any mention of a duly authorized agent.

Anyone dealt with this before?

[jaemmons]

You may want to take a look at John Canary's (DOL) letter to Richard Steinberg (DOL Liason Task Force for the AICPA). It is concerning the DOL's guidance for reliance on certification for limited scope audits.

http://www.aicpa.org/belt/ltdscope1_dol.htm

Good Luck

[austin3515]

Thanks!

That leter had a reference to the exact phrase I was looking for.

2520-103-5, paragraph d1 indicates that a person authorized to sign the certification byt the trustee is acceptable.

[Guest J. David Wright]

I found a letter from John Canary, Chief, Division of Coverage, Reporting and Disclosure of the USDOL dated May 17, 2002 to Richard Steinberg of the AICPA on this subject. I believe the link is http://www.aicpa.org/belt/ltdscope1_dol.htm.

This letter states in part that "An insurance carrier or other organization, a bank, trust company, or similar insititution, ... shall certify to the accuracy and completeness of the information described in paragraph © of this section by a written declaration which is signed by a person authorized to represent the insurance carrier, bank,... Such certification will serve as a written assurance of the truth of the facts stated therein."

I think this is what you are looking for.

JDW