Our company has been selected for a UP audit.

Issue: In an unclaimed property audit, the burden of proof is on the company to demonstrate compliance. If records are limited or insufficient, the state will determine the company’s current UP liability and project it back across multiple years. Since most states observe a 1981 look-back period, projected UP liability will often add up significantly. Multi-state audits conducted by third-party auditing firms can be particularly aggressive. Even companies with longstanding reporting processes are subject to the same auditing techniques—the auditors’ workplan treats compliers as though they have been non-compliant.

The SeaChange Value Proposition: SeaChange will help you develop a plan to manage a single- or multi-state audit and achieve a fair and reasonable assessment. SeaChange understands the auditors’ methodology and can anticipate next steps. SeaChange can provide your company with the tools to analyze the progress of the audit, decide where to focus your resources and identify the audit defense techniques that will provide the greatest benefit.

Case study: A company was selected for a multi-state audit performed by a third-party, contingent-fee audit firm. Beth Stein, Managing Director of SeaChange, developed a defense plan based on an understanding of the direction of the audit and the use of the proper statistical sampling methodology. The defense plan enabled her to institute mitigation techniques for key liabilities in advance of, and during, auditor involvement. Result: Overall settlement reduction of approximately 75 percent.

Find out more: Contact Beth Stein to discuss your specific situation.

" Unclaimed property is tangible or intangible property that your company has in its possession because the owner of the property cannot be located. Examples of an “owner” are: employees (current or former), customers, patients, insurance companies, other companies/vendors, stockholders, and bondholders, etc." 

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