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
