From the Ohio State Bar Association website:
In accordance with ORC chapter 169, holders of unclaimed funds are required to report to the director of the Department of Commerce. Recently, the department has begun random audits of IOLTA accounts.
An issue has arisen concerning the ability of lawyers to ethically provide some of the information sought by the auditors. Following a meeting held on June 13 between the Ohio State Bar Association, interested lawyers,and representatives of the Department of Commerce, the Division of Unclaimed Funds has agreed to suspend its IOLTA audits until further notice, pending review of the division’s audit processes to ensure those processes address and protect the valid concerns of the Bar to maintain attorney-client confidentiality.
The OSBA and the division will continue their discussions prior to the resumption of any IOLTA audits.
The OSBA will keep you advised as to our continued communications with the Department of Commerce.