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Unclaimed Property

Company: Insurance (Property and Casualty)
 
Ownership: Private
 
Service: Unclaimed Property Consulting
Review of Audit Assessment

What True Partners did

True Partners conducted a review of a third-party auditor's assessment with respect to the quantification and estimation methodologies utilized prior to a final settlement with 28 jurisdictions.

Benefit

  • Identified and argued drafts in escheatable population stop-paid within 30 days of issuance represented accounting errors resulting in $1.75 million of savings
  • Asserted settlement position for third-party drafts resulting in savings of $600,000
  • Consulted on additional jurisdictions likely to accept similar settlements thereby increasing the number of jurisdictions accepting favorable findings from 28 to 46
  • Presented revised calculations to third-party auditors for settlement
  • Review was completed with realized savings within 3 months from the start of the project

Contact Information: Managing Director
Cathleen Bucholtz
213.417.2501
Cathleen.Bucholtz@TPCtax.com

 

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