Method and system of identifying potential under reporters to monitor compliance in reporting unclaimed property
View Patent ↗Methods, apparatus and computer program products are provided for monitoring compliance in reporting unclaimed property. The method is capable of identifying both potential non-reporters and potential under-reporters. In this regard, potential under-reporters may be identified as a result of a multilevel review that may take into account the recent reporting history, both in terms of frequency and the type and quantity of unclaimed property that has been reported. The potential non-reporters and potential under-reporters may then be further evaluated, such as by means of an audit or other follow up procedure, to insure compliance.
1. A method, comprising:
receiving information from a database, the information regarding a first group of entities that have reported unclaimed property during at least one prior reporting period;
identifying candidate entities that are considered to have a reporting obligation, the identifying of the candidate entities is based upon a predefined criteria;
comparing, by a processor, a common representation of each of the candidate entities with the information regarding the first group of entities;
identifying, based on the comparing, any of the candidate entities that has not previously reported unclaimed property as a potential non-reporter entity;
identifying any of the candidate entities that has previously reported unclaimed property as previously reported candidate entities;
evaluating, by a processor, previous reports of unclaimed property, the previous reports are associated with the previously reported candidate entities, to determine whether the previous reports satisfy predetermined conditions, the predetermined conditions are different than the predefined criteria; and
when at least one of the previous reports do not satisfy the predetermined conditions, identifying by a processor at least one potential under-reporter entity from the previously reported candidate entities.
2. A method according to claim 1 further comprising conducting a follow-up procedure specific to a candidate entity identified as at least one of a potential non-reporter entity and a potential under-reporter entity.
3. A method according to claim 1 wherein, when a respective candidate entity of the previously reported candidate entities is a publicly traded entity, said evaluating the respective candidate entity comprises determining if unclaimed securities related properties have been reported for the respective candidate entity.
4. A method according to claim 1 , wherein evaluating the previously reported candidate entities comprises reviewing the previously reported candidate entities to determine if any of the previously reported candidate entities is a potential under-reporter based on a multilevel review comprising tests selected from the group consisting of:
(i) a review to determine if a respective candidate entity of the previously reported candidate entities has recently reported unclaimed property,
(ii) a review to identify any gaps in the recent reporting of unclaimed property by the respective candidate entity,
(iii) when the respective candidate entity is a publicly traded entity, a review to determine if unclaimed securities-related properties have been reported,
(iv) a comparison of unclaimed property of at least one predetermined general ledger account that has been reported by the respective candidate entity to a predefined threshold,
(v) a review of types of unclaimed property expected to be reported by the respective candidate entity, and
(vi) a comparison of a reporting history of the respective candidate entity to one of the reporting history of another entity or an anticipated reporting of a model entity within the same industry as the respective candidate entity.
5. A method according to claim 4 further comprising:
identifying a potential under reporter in the previously reported candidate entities; and
conducting an audit of the potential under-reporter.
6. A method according to claim 4 , wherein the comparison of the unclaimed property of the at least one predetermined general ledger account comprises a comparison of at least one of unclaimed accounts receivables, unclaimed accounts payable and unclaimed payroll that has been reported by the respective candidate entity to respective predefined thresholds.
7. A method according to claim 4 , wherein the review of the types of unclaimed property comprises a review of the types of unclaimed property expected to be reported by the respective candidate entity based upon the respective candidate entity's industry.
8. A system, comprising:
a database configured to store information regarding a first group of entities that have reported unclaimed property during at least one prior reporting period;
a computing device configured to:
receive the information regarding the first group of entities from the database;
identify candidate entities that are considered to have a reporting obligation, the candidate entities are identified based upon a predefined criteria;
compare a common representation of each of the candidate entities with the information regarding the first group of entities to identify any of the candidate entities that has not previously reported unclaimed property as a potential non-reporter entity;
identify any of the candidate entities that previously reported unclaimed property as previously reported candidate entities;
evaluate previous reports of unclaimed property, the previous reports are associated with the previously reported candidate entities, to determine whether the previous reports satisfy predetermined conditions, the predetermined conditions are different than the predefined criteria; and
when the previous reports of unclaimed property do not satisfy the predetermined conditions, identify at least one potential under-reporter entity from the previously reported candidate entities.
9. The system according to claim 8 wherein, when a respective candidate entity of the previously reported candidate entities is a publicly traded entity, said computing device is configured to determine if unclaimed securities related properties have been reported for the respective candidate entity.
10. The system according to claim 8 , wherein said computing device is further configured to review the candidate entities to determine if any previously reported candidate entities is a potential under-reporter based on a multilevel review comprising tests selected from the group consisting of:
(i) a review to determine if a respective candidate entity of the previously reported candidate entities has recently reported unclaimed property,
(ii) a review to identify any gaps in the recent reporting of unclaimed property by the respective candidate entity,
(iii) when the respective candidate entity is a publicly traded entity, a review to determine if unclaimed securities-related properties have been reported,
(iv) a comparison of unclaimed property of at least one predetermined general ledger account that has been reported by the respective candidate entity to a predefined threshold,
(v) a review of types of unclaimed property expected to be reported by the respective candidate entity, and
(vi) a comparison of a reporting history of the respective candidate entity to one of the reporting history of another entity or an anticipated reporting of a model entity within the same industry as the respective candidate entity.
11. The system according to claim 10 , wherein said computing device is configured to make the comparison of unclaimed property of the at least one predetermined general ledger account by comparing at least one of unclaimed accounts receivables, unclaimed accounts payable and unclaimed payroll that has been reported by the respective candidate entity to respective predefined thresholds.
12. The system according to claim 10 , wherein said computing device is configured to conduct the review of the types of unclaimed property by reviewing the types of unclaimed property expected to be reported by the respective candidate entity based upon the respective candidate entity's industry.
13. A computer program product for monitoring compliance in reporting unclaimed property, the computer program product comprising at least one computer-readable storage medium having computer-readable program code portions stored therein, the computer-readable program code portions comprising:
a first executable portion configured to receive information, from a database, regarding entities that have reported unclaimed property during at least one prior reporting period;
a second executable portion configured to identify candidate entities that are considered to have a reporting obligation, the candidate entities are identified based upon a predefined criteria;
a third executable portion configured to compare the candidate entities with the entities to identify any of the candidate entities that has not previously reported unclaimed property as a potential non-reporter entity;
a fourth executable portion configured to identify any of the candidate entities that previously reported unclaimed property as previously reported candidate entities; and
a fifth executable portion configured to evaluate previous reports of unclaimed property, the previous reports are associated with the previously reported candidate entities, to determine whether the previous reports satisfy predetermined conditions, the predetermined conditions are different than the predefined criteria, and, when the previous reports of unclaimed property do not satisfy the predetermined conditions, to identify at least one potential under-reporter entity from the previously reported candidate entities.
14. A computer program product according to claim 13 wherein, when a respective candidate entity of the previously reported candidate entities is a publicly traded entity, said fifth executable portion is configured to determine if unclaimed securities related properties have been reported for the respective candidate entity.
15. A computer program product according to claim 13 , wherein the fifth executable portion is configured to evaluate the previously reported candidate entities by reviewing the previously reported candidate entities to determine if any of the previously reported candidate entities is a potential under-reporter based on a multilevel review comprising tests selected from the group consisting of:
(i) a review to determine if a respective candidate entity of the previously reported candidate entities has recently reported unclaimed property,
(ii) a review to identify any gaps in the recent reporting of unclaimed property by the respective candidate entity,
(iii) when the respective candidate entity is a publicly traded entity, a review to determine if unclaimed securities-related properties have been reported,
(iv) a comparison of unclaimed property of at least one predetermined general ledger account that has been reported by the respective candidate entity to a predefined threshold,
(v) a review of types of unclaimed property expected to be reported by the respective candidate entity, and
(vi) a comparison of a reporting history of the respective candidate entity to one of the reporting history of another entity or an anticipated reporting of a model entity within the same industry as the respective candidate entity.
16. A computer program product according to claim 15 , wherein said fifth executable portion is configured to make the comparison of the unclaimed property of the at least one predetermined general ledger account by comparing at least one of unclaimed accounts receivables, unclaimed accounts payable and unclaimed payroll that has been reported by the respective candidate entity to respective predefined thresholds.
17. A computer program product according to claim 15 , wherein said fifth executable portion is configured to conduct the review of the types of unclaimed property by reviewing the types of unclaimed property expected to be reported by the candidate entity based upon the respective candidate entity's industry.