Corporate Financial Management

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Four Key Issues Drive Change in Unclaimed Property in 2012

icon Article on Controller's Report, Financial Leadership  •  posted 11/03/11

In addition to providing additional compliance challenges for controllers, four key issues--dormancy periods, reporting deadlines, securities property and new federal requirements are driving changes in unclaimed property that are expected to result in:
  • Increased operational costs;
  • More compliance complexity;
  • Greater audit risk; and
  • Shorter time periods to locate and communicate with owners to prevent escheatment.
By ensuring that the proper internal controls and processes are in place, however, controllers can better prepare for reporting and compliance–ultimately reducing liabilities and the risk of audit. 
 

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