Background
Specialty Audit Services, LLC (SAS) is a professional services firm specializing in conducting abandoned and unclaimed property examinations on behalf of state governments. Established in 2004, SAS is dedicated to reuniting citizens with their rightful property by ensuring corporate compliance with state unclaimed property laws. The firm's mission is to provide thorough, fair, and efficient audits that maximize the recovery of unclaimed funds for state clients. Operating primarily within the accounting industry, SAS has played a significant role in enhancing compliance rates and returning millions of dollars to rightful owners.
Key Strategic Focus
SAS's strategic focus centers on partnering with state governments to conduct comprehensive unclaimed property audits. The firm specializes in forensic auditing techniques and adheres to state abandoned and unclaimed property laws. By leveraging a team of accounting, legal, and business professionals, SAS aims to increase compliance rates among holders and facilitate the return of unclaimed assets to citizens. The primary markets targeted include state governments across the United States, with a particular emphasis on sectors such as healthcare, energy, and automotive.
Financials and Funding
As a privately held company, specific financial details and funding history for SAS are not publicly disclosed. However, industry estimates suggest that SAS generates annual revenues of approximately $5.7 million, with a revenue per employee of $130,400. The firm has experienced significant growth, increasing its employee count by 38% in the past year.
Pipeline Development
SAS's primary service offering is conducting unclaimed property examinations for state governments. The firm continuously develops and refines its auditing methodologies to enhance efficiency and accuracy. While specific project timelines and milestones are not publicly available, SAS's ongoing commitment to innovation ensures the delivery of effective audit services that meet the evolving needs of its state clients.
Technological Platform and Innovation
SAS distinguishes itself through the application of proprietary forensic auditing techniques and a deep understanding of state unclaimed property laws. The firm's team is trained in all aspects of unclaimed property law, forensic auditing methodologies, and ethical auditing conduct. This expertise enables SAS to conduct thorough and efficient examinations, setting it apart in the industry.
Leadership Team
The leadership team at SAS comprises experienced professionals with diverse backgrounds in accounting, law, and business. Key members include:
- Michael Danowitz, Principal: With over twenty years of experience, Michael co-founded SAS in 2004. He previously served as a Senior Manager at Ernst & Young, specializing in state and local tax matters.
- Jason Gordon, Principal: Jason brings over two decades of professional experience, including roles at KPMG and Ernst & Young. He co-founded SAS with Michael Danowitz, focusing on unclaimed property compliance and reuniting owners with their property.
- Elizabeth Foley, Managing Director: Elizabeth has over fifteen years of unclaimed property management experience on both the auditor and audit defense sides. She oversees all unclaimed property examinations conducted by SAS.
Leadership Changes
There have been no recent significant changes or appointments within SAS's leadership team. The current leadership has been instrumental in guiding the company's strategic direction and operational excellence.
Competitor Profile
Market Insights and Dynamics
The unclaimed property auditing industry plays a crucial role in ensuring compliance with state laws and facilitating the return of unclaimed assets to rightful owners. The market is characterized by a demand for specialized auditing services that can navigate complex regulatory environments and deliver efficient recovery solutions.
Competitor Analysis
SAS operates in a competitive landscape alongside firms such as Strategic Audit Solutions, CBIZ CPAs, and RSM Audit Services.
- Strategic Audit Solutions: Founded in 2009, this firm offers recovery auditing services, including accounts payable recovery and contract compliance, catering to sectors like healthcare and energy.
- CBIZ CPAs: Formerly known as Mayer Hoffman McCann P.C., CBIZ CPAs provides audit and attest services across various industries, including manufacturing and not-for-profit sectors.
- RSM Audit Services: RSM offers a range of audit and assurance services, focusing on industries such as retail and financial services.
Strategic Collaborations and Partnerships
SAS collaborates closely with state governments to conduct unclaimed property examinations. These partnerships are central to the firm's operations, enabling SAS to effectively serve its state clients and fulfill its mission of reuniting citizens with their unclaimed property.
Operational Insights
SAS's strategic considerations include maintaining a firm yet fair approach to audits, ensuring compliance with state laws, and fostering non-confrontational relationships with holders. The firm's competitive advantages lie in its specialized focus on unclaimed property audits, a team of experienced professionals, and a commitment to efficiency and accuracy.
Strategic Opportunities and Future Directions
Looking ahead, SAS aims to expand its partnerships with additional state governments, enhance its auditing methodologies through technological advancements, and continue to build its team of skilled professionals. By leveraging its current strengths, SAS is well-positioned to capitalize on opportunities for growth and further solidify its standing in the unclaimed property auditing industry.
Contact Information
For more information about Specialty Audit Services, LLC, please visit their official website.
