Contingent Fee Auditors Are Interested in Your Company’s Unclaimed Property
Enforcement of unclaimed property regulations has evolved to include not only large corporations, but also small to midsize businesses. Entities that were previously off the auditing radar are now facing fines, penalties and interest for non-compliance. This is a direct result of states’ rapidly changing escheatment laws and their use of third-party contingent fee based auditors in 40 states.
Escheatment laws affect a wide variety of property types. Frequent targets include the following:
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Published January 18th, 2010 at 9:07 am in CB&H Seminars, Unclaimed Property with no comments
Tagged with escheatment, third-party contingent fee, un-reconciled inventory, Unclaimed Property, unredeemed rebate property
Enforcement of unclaimed property regulations has evolved to include not only large corporations, but also small to mid-size businesses. Entities that were previously off the auditing radar are now facing fines, penalties and interest for non-compliance. This is a direct result of states’ rapidly changing escheatment laws and their use of third-party contingent fee based auditors in 40 states. A wide variety of property types such as accounts receivable credit balances, un-reconciled inventory as well as unredeemed rebate property, unused gift card or stored value card balances and un-cashed checks are frequent targets as states increasingly develop and enforce unclaimed property laws.
Join Cherry, Bekaert & Holland and The Keane Organization as we explain the basic principles of Unclaimed Property, how the economic environment is affecting audit activity, how to prevent audits and how to effectively manage an audit to minimize the impact on your organization. In addition we will explain how your organization may be able to recover state-held assets that belong to you.
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Published September 8th, 2009 at 8:39 am in CB&H Seminars with no comments
Tagged with Escheatment Laws, un-reconciled inventory, Unclaimed Property, unredeemed rebate property, unused gift card
