Unclaimed Property Audits Archives - PEACC - Property Escheatment And Compliance Consulting

15 Apr 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Audits, Unclaimed Property Compliance, Unclaimed Property Consulting, Unclaimed Property Laws, Unclaimed Property Reporting Permalink

Unclaimed Property Audits & Reviews

Sticky Post By peaccadmin On April 15, 2025

Who has the ability to audit Holders? Most State jurisdictions have the ability/authority to preform the dreaded Unclaimed Property Audit. Most States have their own audit staff conducting their own various State Audits. But most States still contract with third-party auditors. These third-party auditors have, in the past, conducted contingency fee Unclaimed Property Audits. Where these firms get a percentage of what they uncover from the Holder. Now, most States pay an hourly rate to perform Audits on behalf of a State. The third-party auditors under contract with most States, include the following firms:

• Kelmar Associates, LLC
• Specialty Audit Services (SAS)
• Kroll (was Versus Financial)
︎• Treasury Services Group, LLC (TSG)
• Innovative Advocates Group, LLC
• Discovery Audit Services (DAS)
• Escheatment Expertise Consulting Services (EECS)
• Faegre, Drinker, Biddle & Reath (FDBR)
• KDAC, LLC • Barnes & Thornburg
For further help in navigating the complexities of third-party unclaimed property auditors, please contact PEACC at 410.303.5510 or email us at info@peacc.com

25 Feb 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Audits, Unclaimed Property Consulting Permalink

What Areas of a Company are Analyzed to Perform a Thorough Unclaimed Property Review or Audit?

Sticky Post By peaccadmin On February 25, 2025

– Corporate structure
– Current and previous Chart of Accounts
– Review of Accounts that May Hold Uncashed Property
– Review of General Leger Trial Balances
– Any previous State unclaimed property reports.
– Any past audit reports & results
– Outstanding check listing of all disbursement accounts
– Accounts Receivables aging report
– Journal entries related to write-offs and any details
– Descriptions and any contracts related to any third-party administrators
– Any mergers & acquisitions reports and detail

12 Feb 2025

Sticky Post By peaccadmin Posted in Unclaimed Property Audits Permalink

UNCLAIMED PROPERTY AUDIT TYPES

Sticky Post By peaccadmin On February 12, 2025

The states have gotten very creative when it comes to the selection process of unclaimed property audits.

TYPES OF UNCLAIMED PROPERTY AUDITS & REVIEWS

Sticky Post By peaccadmin On February 5, 2025

State Unclaimed Property Audit

– done by individual State or can be done jointly with other State(s).

Reciprocal Audit

– One State audits on behalf of other State(s)
– Expenses and resources are shared

Private Audit Firms

– State Contracts Out Third-Party Audit Firm
– May Get Paid Based Upon a Percentage of What They Find

Telephone Audits & Reviews

– State contacts Holder via phone.
– Listen for uncertainties & inconsistencies in voice.

“Highway Audits”

– State audit employees look for newspaper headlines, billboards and trucks while out of office for audit candidates.

For further information about the types of unclaimed property audits and how to navigate thru them,
please contact the experts at PEACC at 410.303.5510 or email us at info@peacc.com

31 Jan 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Audits, Unclaimed Property Compliance, Unclaimed Property Consulting Permalink

Four Phases of the Unclaimed Property Audit Process

Sticky Post By peaccadmin On January 31, 2025

The Four Phases of the Unclaimed Property Audit Process include:

PHASE I
~ Entity & property types scoping
– Public information review/10k
– Tax Return review
– Analysis of general ledgers & Review of all legal entities

PHASE II
~ Quantification of Any Potential Unclaimed Property
– Bank Accounts detail (aged trial balances review)
– Transaction level detail (aged outstanding check listings, Accounts Receivables credit write-offs, etc.)

PHASE III
~ Research Analysis, Remediation & Due Diligence Adjustments
– Individual Property type & Entity exposure provided to Holder.
– Research, Remediation and due diligence results included in final findings.

PHASE IV
~ Unclaimed Property agreed upon final report and remittance sent in to State.

23 Jan 2025

Sticky Post By peaccadmin Posted in Unclaimed Property Audits, Unclaimed Property Reporting Permalink

Delaware Unclaimed Property (VDA)

Sticky Post By peaccadmin On January 23, 2025

Now that your fall unclaimed property reporting is complete, your PEACC Team of Advisors would like to announce Delaware is schedule to send out the next round of VDA invitations on November 15, 2024. The State last sent invitation letters out in February 2024.

If your organization receives a VDA (Voluntary Disclosure Agreement) invitation Letter from Delaware and fails to timely respond, you will become eligible for the dreaded, unclaimed property audit. Contact the professionals at PEACC to discuss your options, along with the process, at 410.303.5510.

https://lnkd.in/eTMSCMqp
VDA Invitation Dates – VDA Program – State of Delaware
vda.delaware.gov

22 Jan 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Audits, Unclaimed Property Consulting Permalink

What to Expect during your self-audit

Sticky Post By peaccadmin On January 22, 2025

Been given the option to perform a self-audit or review vs a state or state sponsored 3rd-party unclaimed property audit?

Here’s what to expect during your self-audit/review.

– The States allow less time to complete a self-audit/review vs a full fledged State sponsored audit to be completed.
– The States expect a thorough review of the company’s books & records for the entire lookback period. Normally 10 years plus the dormancy period.
– The State will utilize a State sponsored 3rd-party auditing firm to assist is gathering information and reviewing it.
– State report submission is normally done through a State webpage portal in a specific, State approved, format.
– If, after adequate testing and reviews are completed, Self-Audits can be completed fairly quick and without too many headaches.

For help with self-audits or any questions regarding this process, please reach out to one of the Professionals at PEACC by calling 410.303.5510 or email us at info@peacc.com

29 Jul 2024

Sticky Post By peaccadmin Posted in Unclaimed Property Compliance, Unclaimed Property Consulting Permalink

Slash Your Unclaimed Property Compliance Costs!

Sticky Post By peaccadmin On July 29, 2024

Slash Your Unclaimed Property Compliance Costs! PEACC offers a cost-effective solution for your unclaimed property needs.

Illinois Ramps Up Unclaimed Property Enforcement: What Businesses Need to Know

Sticky Post By peaccadmin On March 21, 2024

Most companies in Illinois are required to file an unclaimed property report with the state, even if they have no property to report, also known as a “negative report”. If you receive one of these enforcement letters from the state of Illinois or any state jurisdiction, please contact the professionals at PEACC at 410.303.5510, to discuss how to respond and how to proceed.

State Unclaimed Property Audit Letter

Sticky Post By peaccadmin On March 14, 2024

“Please forward the State your company’s written unclaimed property policies & procedures for reporting your property….”

Does the above phrase make you shiver, squirm?

Unfortunately, if your company is ever selected for the dreaded unclaimed property audit, prior to commencement, the first area of audit will be the review of the company’s unclaimed property policies and procedures.

This audit request is used to determine if the company is fulfilling their obligations of turning over their unclaimed property to the appropriate State and doing it in compliance with each State’s laws and reporting regulations.

If the Holder has formal unclaimed property policies and procedures, great! You’re one step ahead of most companies.

You will most likely still be audited for your unclaimed property compliance, but the State or third-party auditing firm may not look as intensely at companies who do NOT have formal written policies and procedures in place.

If you do NOT have formal written policies and procedures in place within your organization or what you have can use a review or update(s), let the Professionals at PEACC assist with the development or revision of your unclaimed property policies and procedures.

Please contact one of the professionals today at PEACC at 410.303.5510, to hear how we can develop customize unclaimed property policies & procedures or review your current policies and procedures to ensure you are compliant with your State reporting obligations.

Act now before the States come calling!