Unclaimed Property Audits can be unfamiliar and confusing with terms like Owners, Holders, Unclaimed Property Administrators, Dormancy Periods, Estimate Techniques, Contract Auditors, etc. If Unclaimed Property is a topic that is unfamiliar, you can learn more about Unclaimed Property from the National Association of Unclaimed Property Administrators (NAUPA) using the following link:
You need an experienced CPA with Unclaimed Property experience to assist in your Unclaimed Property Audit. Here are some of the services that AH Consulting Inc. provides during an Unclaimed Property Audit:
- Negotiate and establish scope that auditors use while conducting their Unclaimed Property Audit (includes the following: determining types of Unclaimed Property to be examined, establishing entities that should be legally included in scope, ensuring states of incorporation match states conducting audit, determining audit period by examining incorporation dates, examining acquisition/disposition agreement details to decide on transactions within audit scope, etc.)
- Determine whether to proactively initiate Voluntary Disclosure Agreements to limit the audit period, fees and interest with states not currently conducting an Unclaimed Property Audit with your company
- Minimize auditor’s attempt to use estimation techniques in an Unclaimed Property Audit
- Reduce amount of incorrectly identified Unclaimed Property by auditor as a result of accounting errors, voided checks, etc., that truly do not represent Unclaimed Property
- Review states’ Statute of Limitations to ensure auditors are not aggressively misapplying state law
- Negotiate the final Unclaimed Property Audit liability that auditors initially determine
Did you know that some states:
- Have no Unclaimed Property statute of limitations – http://codes.lp.findlaw.com/txstatutes/PR/6/74/D/74.308
- Can use enforcement as a means to raise revenue – http://online.wsj.com/article/SB120209114858539787.html
- Can estimate how much Unclaimed Property you may owe – http://www.istockanalyst.com/article/viewnewspaged/articleid/5430175/pageid/2
You need an experienced Unclaimed Property consultant to help
you in your Unclaimed Property Audit.
Call Andrew from AH Consulting Inc. at 949.371.9491 to discuss further.