IRA Monitoring and Audit Worksheet

Updated 01/05/2021

Individual Retirement Accounts “IRA”, pension and other employee benefit plans are generally required to file returns/reports annually concerning, among other things, a plan's financial condition and operations. The monitoring and auditing of this area ideally is managed by Compliance, Audit and Accounting. It is important that applicable IRS rules and regulations be followed to ensure that the plans remain in compliance pursuant to Congressional intent and that plan operations and procedures do not fall outside the statute parameters to disallow the special tax treatment for beneficiaries that these plans allow.

Purpose of the Monitoring Worksheet:

  1. To ensure that the institution is complying with IRA customer plan agreement disclosure requirements; and
  2. To ensure that the institution is complying with year-end IRS disclosure requirements; and
  3. To evaluate the adequacy of payment distribution processing procedures.

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