A core component of the EECS audit process is the education of holders in the proper interpretation of controlling unclaimed property statutes.
In the early stages of an EECS examination, we conduct a detailed interview with representatives of the holder to understand the holder’s unclaimed property practices and to assess whether their practices are consistent with the law.
In our experience, the holders’ understanding and application of abandoned property law varies greatly; some holders need significant guidance and training to understand how to interpret the law properly. EECS’s ability to educate is a core competency given the strong legal background of several of our principals and employees, which includes experience in analyzing and interpreting unclaimed property statutes. Once we develop an understanding of the holder’s practices, we explain to holders, as appropriate, how their practices are non-compliant and offer an alternative approach that complies with the law. Having undertaken audits of several companies in different states, we have the benefit of observing how different holders attempt to comply with different statutory requirements, and to leverage this knowledge in educating other holders. Moreover, EECS principals, consultants and staff continually stay abreast of legal, audit, security and other issues related to the identification, audit, collection, and reporting of unclaimed property.