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News & Press: General Unclaimed Property News

Institute for Legal Reform Publishes Best Practices for State Administrators and Private Audit Firms

Thursday, April 24, 2014   (0 Comments)
Posted by: Emily Lee
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The U.S. Chamber Institute for Legal Reform (ILR), an advocate for civil justice reform, published a paper regarding the current unclaimed property audit environment, and has suggested best practices for state administrators to follow when working with third-party auditors.

The best practices outlined in the document:
  • Methods to increase transparency of the auditor selection process
  • Compensation changes 
  • Benefits of establishing voluntary disclosure agreements

An excerpt from the paper describing how the ILR has depicted the audit environment: "In time of budget tightening, aggressive collection of unclaimed property is a natural focus of cash-strapped states. The value of unclaimed property held in state coffers has nearly doubled in the past ten years, reflecting increasingly aggressive interpretation and enforcement of unclaimed property laws.

Read the full paper.




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