IRA Monitoring and Audit Worksheet

Updated 01/05/2021

Individual Retirement Accounts β€œIRA”, 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.

Members Can Download This Tool

Login to Download

Not Yet a Member?

Our members enjoy:

On-demand regulatory guidance hotline – by chat, phone and email – available from anywhere, on any device – 7 am - 6 pm, M-F, Central time 

Research time saved daily & weekly across forms, checklists, and trainings β€” for every regulation

Hours of form-building and branding of bank documents saved; in some cases, even the budget of additional staff

A sounding board for support and reassessment when institutional goals or the regulatory environment changes

Access to attorneys and compliance specialists for risk modelling and decision-making in advance of large business decisions

The knowledge that C/A was created and owned by 30 State Bankers Association to provide bank compliance services to their membership organizations

Find out how a personalized team of attorneys and compliance professionals helps build targeted compliance strategies throughout your institution when you take our Live Membership Demo.

Become a Member