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Audit Defense

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True Partners Consulting’s Unclaimed Property Advisory Services Team has extensive experience and expertise in all facets of the complex and evolving area known as unclaimed property (UP). One of our most crucial services is the assistance that we provide holders in defending themselves in a UP audit. Our team is comprised of experienced UP professionals, CPAs, and former state auditors, all with extensive experience in multiple jurisdictions, can provide assistance with all issues that may arise under audit, whether conducted by a third-party contract auditor on behalf of multiple jurisdictions or by the audit personnel of a single state.

If a holder is selected for a UP examination, our team has the ability to assume many different roles throughout the audit process, providing assistance in effectively managing all aspects of the UP audit process. Based upon each holder’s unique facts and circumstances, the assistance our team provides typically includes:

  • Obtaining a written scope of the audit, including the look-back period(s), entities included, and property types under review
  • Obtaining executed confidentiality agreements from the auditors
  • Developing timelines and work programs to assist in the timely and efficient completion of the audit
  • Responding to auditor inquiries for information and documentation
  • Developing strategies to potentially reduce UP exposure
  • Providing insight and guidance to the holder regarding options in how best to conduct the audit
  • Providing analysis related to various categories of property potentially subject to reporting
  • Performing appropriate UP research and quantification of preliminary exposure by property type and jurisdiction
  • Obtaining documentation and providing technical support for the development of defensive positions
  • Assisting the holder in making a best efforts attempt to resolve open issues
  • Conducting closing meetings with the auditors and/or the states
  • Obtaining closing agreements, including final “Demand Notices” for payment of any exposure identified and agreed to by the holder
  • If necessary, presenting and discussing available appeal remedies with the holder for any remaining open issues