DETECTING HOLDER ACCOUNTS THAT ARE OUT OF COMPLIANCE WITH THE RELEVANT UNCLAIMED PROPERTY LAWS REQUIRES INTENSIVE ANALYSIS.
Standard auditing procedures can rely significantly on sampling, estimation and extrapolation to calculate holder escheatment obligations, as a manual review of each account would burden holders and be cost prohibitive for the Treasury.
This may result in holders retaining accounts that should be escheated to the Treasury, as well as the escheatment of funds that cannot be tied to a particular individual or company. Moreover, the estimation/extrapolation methodology is often the source of contention between holders and auditors causing significant audit delays and creating additional burdens on state governments. EECS’s audit methodology enables it to avoid estimation and extrapolation techniques, while accurately and thoroughly determining whether a holder is out of compliance with a given state’s unclaimed property laws. Moreover, the final result of EECS’s examinations is the identification of the names and addresses of the legal owners of the unclaimed property. By submitting this information to each state in connection with each unclaimed property exam, EECS can best position each state to further its goal of reuniting unclaimed property with its rightful owners.