Abandoned and unclaimed property: A growing area of concern for many companies and industries

SALT Trends

"In recent years, unclaimed property audits have demanded more attention from companies than ever before. The increase in third party auditors, aggressive audit positions, shrinking dormancy periods, and the possibility of public scrutiny over internal controls are just a few of the reasons why these audits are moving up on the list of priorities for companies dealing with these issues.

As we move through the next year, it will be interesting to see where these unclaimed property issues will go and whether state legislatures will continue to amend their laws to keep the revenues flowing in at a faster pace. This article focuses on three unclaimed property areas that have developed and grown over the past year: debt and equity audits, scrutiny over the insurance industry, and the developing market for deal-of-the-day type of promotions."



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