Frequently Asked Questions

Q: When do I need to have my audit performed?

All audits for the period August 31, 2008 through the previous year must be completed by December 31, 2008. If the audit is incomplete as of this date, you risk losing your license.

Q: How much will an audit cost?

Depending on the number of closings your company performs per year, the price generally can range from $1500-$3000 per trust account. If you have regular three-way reconciliations performed, and your paperwork is in good order, it will reduce the cost of your audit. Companies with a minimal number of transactions may cost less than the general price quoted above.

Q: Can I consolidate my accounts?

Yes. If this makes sense for you to reduce your costs, you may want to consider this option.

Q: Who can perform my audit for me?

The auditor must be a Certified Public Accountant. While you may use your own CPA for your audit, he or she must be independent. Your in-house CPA will not be able to do the audit. Many CPAs are contracting this work to Wisehart & Wisehart because they do not specialize in HB-157 work, are not independent, and cannot provide the service for a reasonable cost during their busy season.

Q: When do I need to schedule my audit?

Since HB-157 requirement is new to all title companies, you should schedule your audit as soon as possible. Some companies have elected to wait until closer to the deadline of the audit to engage an accountant; however, finding an accountant as soon as possible eliminates the possibility that you will not be able to find an available CPA when it comes time to perform your audit.

Q: What do I need to provide my CPA for the audit?

The Ohio Society of CPAs is currently discussing the requirements for performing an HB-157 audit. According to the guidelines that are in place, you will need to provide your CPA with financial statements, cancelled checks and reconciliations for the month of August, 2008 and one other month from the previous year.

Some CPAs will require additional documents such as company handbooks in order to get a sense of how your title company performs business. When the time approaches to audit your escrow account, ask the CPA performing your audit for a list of documents that he or she will need to complete the audit. Making sure that you provide all the documents needed in a timely manner will assure that your audit is completed properly and on time.

Q: Why can’t I have my audit scheduled now?

The audit is for the period August 31, 2008 through the previous year. Therefore, the audit period is still running. Also, in response to our clients’ concern that the audit fee be minimized to an efficient level, we are trying to schedule audits in a logistical fashion to keep costs to a minimum.

Q: Why should I use Wisehart & Wisehart for my HB-157 compliance audit?

Since HB-157 audits are required to be completed by August 31, 2008, other CPA firms must devote their staff to their current audit and tax clients. The only audits Wisehart & Wisehart performs are HB-157 compliance audits. With our firm, you will not be competing for accounting resources during a busy season.

Our professionals will guide you through the process rather than learn the process at your expense. We specialize in HB-157 compliance.

Q: What do I need to do now to ensure my audit is completed on time?

Call Kaitlin Madigan of Wisehart & Wisehart at (614) 791-2100 and request the audit sign-up forms or complete the online scheduling form. We will call or email you so that you understand what your paperwork needs to look like and to schedule an appointment with you.

If you sign up with us, we will guarantee completion of your audit before August 31, 2008 for as long as we have open slots. As of this update on January 14, 2008, we have slots available. But, we do encourage you to sign up as soon as possible. Slots are being filled on a daily basis.