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Unclaimed Property Exposure Assessment

When finance, tax and accounting professionals become involved in unclaimed property business functions, the questions begin:

“What are the chances we would have to face an audit?”

“Just how much money would we have to come up with?”

“What’s the worst-case scenario?”

Every company’s situation is different, but nearly every organization must identify potential unclaimed property risks and liabilities to avoid damage to finances, resources and reputations. It’s much better to uncover potential risk before an audit. The problem is, you practically need a degree in unclaimed property to understand all the nuances of the laws and escheatment processes.
That’s where we come in.
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We know what auditors look for, because we used to be the ones looking.

MarketSphere consultants have a secret weapon to help you find and conquer unclaimed property risks—in past jobs, some of us were auditors and state administrators.

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Get an auditor to tell your audit future

Through a highly consultative MarketSphere Exposure Assessment, we go below the surface to identify underlying unclaimed property issues. Using proprietary software and many years of experience, we identify your largest, most sensitive exposures, focusing first on “upstream” processes within your organization that could cause unnecessary stale-dating of property. 

We’ll present options based on your company’s specific circumstances. Then, we’ll help you select strategic actions for the most effective insulation from risk, whether you’re hoping to avoid a future audit or better manage a scheduled audit. 

We can even tell you how much it likely will cost to achieve full compliance and help you present the facts to senior management, so they will better understand the potential consequences of doing nothing.

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Unclaimed Property Exposure Assessment Steps

We use our team’s extensive knowledge and experience to help you uncover common mistakes, identify solutions and leverage all potential advantages.

  1. Gain a thorough understanding of your business and industry, including all business units and locations, policies and procedures, methods of accounting and operations
  2. Outline how you identify and document unclaimed property of all forms; uncover previously unidentified unclaimed property an auditor might discover
  3. Clarify your methods for completing due diligence, reporting and escheatment
  4. Analyze ledgers, reports, procedures
  5. Assess your organization’s strengths and weaknesses, identifying gaps in processes and potential risks; identify potential exposure to fraud
  6. Recommend a course of action; assist in presentation to leadership

We Can Help You:

  • Analyze your records to make sure you have identified unclaimed property properly in all business units and locations
  • Complete an Exposure Assessment to determine your risk of audit and liability for costs such as penalties, staff time and elevated escheatment amounts
  • Prepare and send due diligence letters, using your securely exported records, in compliance with all state rules for letter format, content and timing
  • Handle owner responses, so you can avoid time-consuming back-and-forth communication with sometimes irate owners who misunderstand due diligence letters
  • Properly calculate escheatment amounts and prepare state reports to assure seamless compliance and avoid drawing the attention of auditors

Whitepaper: 6 Most Important Ways to Avoid a U.P. Audit

Read the blog: Balancing the risks & costs of unclaimed property

Are you overcomplying? Undercomplying?

Are you reporting and escheating too many dollars? Or are you reporting too little and risking huge penalties? Take two minutes to take the JustRight Compliance® quiz to find out!

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armored  audit How to protect your organization from the risks & liabilities of abandoned & unclaimed property audits

The project not only helped us to clean up our processes and data, but additionally provided immediate return on investment as promised.

Controller in the Mortgage Banking Industry