New York Looking to Add to Auditor Staff

The New York State Comptroller is currently advertising for two new abandoned property senior auditors. The positions' job is to perform "audits and reviews in accordance with applicable standards to ensure that holders are in compliance with the New York Abandoned Property Law." Specifically, the jobs duties description says that the auditor:

• Reviews the holder’s accounting and internal control policies and practices to evaluate the manner in which they report abandoned property; audits the financial records as they pertain to unclaimed dividends, securities, bond interest, outstanding checks and others; compares the holder’s reports of abandoned property with the results of the audit to determine whether or not all amounts have been reported and whether the amount due to the State has been properly computed and paid.

• Communicate with holders regarding audits and the Abandoned Property Law.

• Makes the initial arrangements for the audit; participates in exit and entrance conferences; discusses the scope of the audit with appropriate officials from the business establishment discusses with the appropriate officer of the entity any questions relative to individual items being audited or as to the holder’s accounting practices; provides verbal and written information to the entity concerning the application and interpretation of the Abandoned Property Law.

• Prepares appropriate working papers and findings to document facts regarding audits conducted.

• Draws conclusions and makes recommendations regarding the audit; prepares schedules of audit findings and submits a copy to officers of the entity for their further review and research; and prepares draft reports on the audit findings for review by the supervisor.

Holders should be aware of changes in a states' staffing because they can signal a change in direction that the office is heading. New York has historically had an in-house audit team, so any additions to that staff could signal additional new audits in the coming months. In order to avoid an audit or minimize findings during an audit, a company should be in strict compliance with state unclaimed property laws. If your company is not currently in compliance, a Voluntary Disclosure Agreement may be necessary. New York actively promotes their VDA program to encourage compliance. However, the program is not open to companies that are currently under audit. If you are interested in a the VDA program, for New York or any other state, please contact Barganier for assistance.

See Also:
Audit Nightmares
New Michigan Law on Audit Practices
Minnesota Ramping up Audit Program