States and jurisdictions have begun to aggressively enforce escheatment laws using third-party audit firms who
assist them in becoming more sophisticated. These auditors act as agents and are compensated by a percentage
of the findings collected from their audit assessments.
In today's economy, where governments are struggling with large deficits, states and jurisdictions are increasing
their efforts to find unreported unclaimed property.
According to the National Association of Unclaimed Property Adminstrators (NAUPA), a "total of at least $32.877
billion is currently being safeguarded by state treasurers and other agencies... $4.686 billion [was] received in FY
2006 from business accounts."
States may look back up to a decade or more for unclaimed property liabilities and add to the amount due penalties
and interest payments. Where records are unavailable or incomplete, the auditors estimate the amount due.
If your company is facing an unclaimed property audit, it is critical to have subject matter experts, like those at
Audit Resource Group, on your side to minimize unfounded assessments and to only report your true unclaimed
Audit Resource Group is here to help you prepare your defense in order to reduce past liabilities and minimize future
risks. We have experience negotiating with the states and can help to negotiate a favorable settlement on your
Give us a call today at (206) 402-2733 to discuss your pending audit.