Corporations and financial institutions that are subjected to an unclaimed property audit often come away from the process with a number of complaints. The process is usually (very) lengthy, disruptive to ongoing operations, and more often than not, bears precious little resemblance to a process designed to uncover property that will actually go to a rightful owner. Of all holder complaints about audits, however, the most pervasive and significant is skepticism regarding the states' use of contingent fee auditing firms to carry out the process. In most instances, instead of conducting an audit through its own unclaimed property department, bank examiner, or other regulator, most states use private auditing firms that collect a percentage of the unclaimed property that they "find." Many holders question whether an auditor who is given a direct financial stake in the outcome of the audit has the objectivity and independence necessary to conduct a fair examination. Not
Showing posts from April, 2014
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Last week, a unclaimed property bill was introduced in the Missouri House of Representatives that would make significant, and holder friendly, changes to the Missouri Unclaimed Property Act. According to the El Dorado Springs Sun , which recently posted an article about the proposed legislation, the Missouri Chamber of Commerce & Industry is backing the bill, claiming that it " would take Missouri from the bottom four states in the rankings to one of the top 10 states for fair treatment of business unclaimed property.” The proposed bill addresses three issues frequently requested on holder wish-lists for unclaimed property administration. In particular, the proposed legislation would provide the following features: Business-to-Business Exemption -- Bill 1075 would create a business-to-business exemption for items between business associations that have an ongoing customer relationship. Specifically, the proposed exemption provides that items " issued to a bus
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The Unclaimed Property Professionals' Organization recently held its annual conference in Grapevine, Texas. Bringing together hundreds of holders, service providers, and other industry professionals, the UPPO conference is a great place for continuing education, networking, and learning the most recent trends and issues in unclaimed property compliance. If you couldn't make it to Texas, the UPPO is hosting a webinar on April 22 to go over the "Top 5 Takeways" from the conference. The presentation will cover Latest UPPO organizational developments; A presentation seeking to clarify a number of the ambiguities of unclaimed property compliance; The special compliance issues arising from unclaimed property law in the insurance industry; Recent unclaimed property developments in Canada; Potential future amendments to the Uniform Unclaimed Property Act. Registration information can be found here .