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Sarbanes-Oxley Act compliance requirements push unclaimed property onto company executive’s radar screen

Sarbanes-Oxley Act compliance requirements push unclaimed property onto company executive’s radar screen

by Rick Turoczy on August 8, 2006

The possibility of a state unclaimed property audit and the potential for significant unclaimed property liabilities that may be owed to a state, ignored by companies for years, now have the attention of chief financial officers, in-house counsel and tax directors across the country.

Why? Significant increases in states’ unclaimed property audit activity, and the Sarbanes-Oxley Act’s certification requirements related to compliance with applicable state laws, have moved compliance with unclaimed property laws onto company executives’ radar screens. And, many businesses simply aren’t prepared to comply with the myriad of laws and regulations facing them.

“Unclaimed property is an extremely complex issue which cuts across all industries. Each state has its own unclaimed property law that companies need to understand and comply with,” explained Mark Paolillo, National Director of the Unclaimed Property practice of Deloitte & Touche LLP (Deloitte & Touche).

Sarbanes-Oxley Act compliance requirements push unclaimed property onto company executive’s radar screen

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