Frustrated By The Seemingly Endless Unclaimed Property Audit?

As we turn the page on the new year, several senior financial executives wonder whether they will ever be able to shake one or more unclaimed property audits that have stretched the company's resources for years. Unclaimed property audits do seem to drag on forever. The proliferation of third-party multi-state auditors has led to an exponential increase in the number of audits states initiate and has dramatically extended the duration of the audits. Many audits last at least 3-5 years, and in rare instances, some have lasted close to a decade. While often these audits do extend for valid reasons, one force driving this trend is that third-party auditors paid by the state are financially incented to prolong the audit period.