Many holders do not have formal written policies/procedures for managing their unclaimed property liabilities. This omission could have a negative fiscal impact in the event of an audit. One of the first things an unclaimed property auditor asks for is this manual. In addition to compliance issues, strong, current documents will:
- Strengthen your company’s internal controls.
- Ensure that your program operations will run more effective and efficient.
- Prove invaluable in the event of losing your unclaimed property administrator or staff as they will help with continuance of the program with little disruption.
- Ensure separation of duties, thus minimizing potential collusion or fraud.
If your firm does not have policies and procedures, or if you have questions and need assistance with creating or updating them, contact UPCR. Our staff specializes in this area of unclaimed property administration.
Call today for a free consultation!