Delaware Unclaimed Property Audit Notice Guidance

This guide outlines the processes and implications associated with receiving a Delaware Unclaimed Property Audit Notice. It describes the proactive enforcement of unclaimed property laws by the state of Delaware, which requires companies to report certain unclaimed property after a specified period. The document explains the different types of notices that may be issued, such as Voluntary Disclosure Agreement Invitation Notices and Audit Notices. It details the potential consequences of receiving an Audit Notice, including the lengthy and costly nature of unclaimed property audits, which can take three to seven years and involve a 15-year look-back period. The guide emphasizes the importance of understanding the audit process and preparing adequately to mitigate its impact. It also highlights factors that can influence a company's unclaimed property liability during an audit, such as historical records and prior audits. The document concludes by offering assistance from Andersen’s Unclaimed Property Team to navigate the audit process effectively.