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.
