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Education: ALTA Escrow Accounting Procedures

April 10, 2012

With millions of dollars flowing through escrow accounts, it is vital title companies educate employees regarding proper escrow accounting procedures. ALTA’s self-study Escrow Accounting Procedures Online Course presents a model system of good managerial practices designed to minimize risk in handling escrow funds. The course is comprised of four Educational Modules, each ending with a set of questions to reinforce the course content, and a valuable Resource Guide.

Module 1: Escrow Agent – Define fiduciary and how it applies to escrow holders; understand the benefits of handling escrow transactions; and become familiar with basic stewardship issues surrounding escrow transactions.

Module 2: Escrow Accounting – Identify the basic elements of internal control; learn steps to limit risks from fraud, forgery and unauthorized or improper wire transfers; and understand and appreciate the need for sound escrow accounting procedures.

Module 3: Good Managerial Practices – Learn the basic elements of general control procedures, including handling incoming and outgoing funds and wire transfers; become familiar with essential records and documents; understand the need for reconciling accounts and see examples of two-way and three-way reconciliations; and identify key duties to be segregated among staff.

Module 4: Specific Escrow Control Procedures – Learn procedures for controlling receipts, disbursements and escrow investment accounts; understand the need for legal assistance when dealing with construction disbursements; and become familiar with escheat - what to look for and what is required.

Click here to enroll.

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