Establishes a random audit compliance program for law firms managing escrow trust accounts in New York.

The bill mandates the chief administrator of the courts to create and implement a random audit compliance program. This program will conduct periodic financial audits of law firms that engage in private practice and manage escrow trust accounts within the state. The aim is to ensure proper handling of client funds. The program will randomly select law firms for audit, ensuring equal chances for all firms and limiting random audits to once every five years. Auditors must have advanced degrees in accounting or certifications in fraud examination.

Establishes a random audit compliance program for law firms managing escrow trust accounts in New York.

The bill mandates the chief administrator of the courts to create and implement a random audit compliance program. This program will conduct periodic financial audits of law firms that engage in private practice and manage escrow trust accounts within the state. The aim is to ensure proper handling of client funds. The program will randomly select law firms for audit, ensuring equal chances for all firms and limiting random audits to once every five years. Auditors must have advanced degrees in accounting or certifications in fraud examination.