The price of non-compliance with unclaimed assets regulations can be high and includes audits, damages to company reputation, costly penalties, and interest payments. Unclaimed assets compliance is complex but organizations large and small need not put themselves at risk, often because they misunderstand the intricacies and scope of the laws and regulations involved.
At OneSource, we reckon that risk comes from accounting records and processes. Our team will conduct a strategic unclaimed assets risk assessment and analysis by examining corporate history and financial records to quantify potential audit exposures. We will then summarize your liability and develop a road map for how to comply and protect your organization.
Internal Controls Review
We assist holders by identifying and suggesting modifications to accounting systems and procedures to help properly classify unclaimed assets and with the implementation of appropriate record retention and substantiation policies. Unrecorded liabilities in the form of unclaimed items previously written-off to income or expense, or in the form of liabilities never recorded, may be an indication of gaps in internal controls or under-accrued liabilities.
Companies managing their own unclaimed assets compliance process can be challenged with the difficult task of updating internal processes to meet the requirements of the law. OneSource offers a comprehensive review service for each filing season to ensure that our clients are not over or under reporting what is actually due.