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Contact Information:
Edward S. Kisscorni, CPA
290 Suncrest Court, SW
Grandville, MI 49418

Office: 616/233-0667
Cell: 616/443-6730
Fax: 616/233-0667




Thursday, July 08 2010

Michigan Department of Treasury to Outsource Auditing to Third Party Out-Of-State Audit Firm

The State of Michigan has recently launched an aggressive auditing program for Unclaimed Property and has contracted for out-of-state third party auditors to perform these audits. Since these auditors are compensated on a contingency fee basis, it results in very aggressive auditing techniques and could mean trouble for you and your company.

While traditional unclaimed property audits focused on un-cashed payroll checks and dividends, these new audits focus on account receivable and payable entries. With sophisticated software, the auditors can locate thousands of questionable journal entries and then shift the burden of proof to you to prove correcting entries were made. With open years stretching back at least a decade, and the extrapolation of the findings, the result can be an assessment in excess of one million dollars.

Posted by: Ed Kisscorni AT 11:15 am   |  Permalink   |  0 Comments  |  Email

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