IRAs Part 4 - How to Audit IRA Files

What do your IRA files contain? Too much paperwork? Not enough paperwork? With the change-over of IRA personnel, both good and bad habits of the previous employees may turn into a legal nightmare.

Recorded Thursday,
October 20th, 2022
Presented by Patrice Konarik
2h total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Accounting/Reporting
  • Auditing
  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • IRAs
  • Reporting
  • Teller
  • Trusts
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • New Accounts Representative
  • Teller
  • Trainer
  • Trust Officer

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In this 2-hour IRA Audit Webinar, you will learn that incomplete or incorrect IRA paperwork may be a red flag for bank auditors. Whether you are scanning and imaging your IRA documents, or placing copies in a paper folder, now is the time - while the client is alive - to make sure you have everything you need and get rid of what you don't.

Since IRAs have had some of the most major changes of any bank product in the last couple of years, updated training is one of the key elements of maintaining proper procedures and making sure the IRS reporting is correct to match what the client is reporting on their own taxes. Samples of audit worksheets will be provided in Word format.

What You'll Learn

  • Proper documentation to open, close, move, and maintain an IRA
  • Record retention of closed IRA files
  • How to review IRA procedures and documentation flow
  • Checking the IRA transactions for proper coding and reporting
  • Reports generated by your system to review IRS reporting before it is submitted
  • How to correct mistakes found in the IRA Audit
  • 25 of the most common mistakes found during an IRA audit
  • Different types of IRA audits

Who Should Attend

Anyone who is in charge of checking IRA transactions and files, and is responsible for making sure the IRS reporting is correct, as well as internal auditors checking bank IRA files should attend. Also, anyone who is responsible for checking newly attained IRA files due to a bank merger would greatly benefit from attending this informative Webinar.

Patrice Konarik

Instructor Bio

Patrice M Konarik is president of Sunwest Training Corp founded almost 30 years ago and is located in the Texas Hill Country near San Antonio. With over 40 years of experience in the financial industry, Patrice has focused her expertise on the retirement account area and after 28 years on the road providing live training nationwide, is now concentrating on providing informational IRA and HSA Webinars through OnCourse Learning / www.BankWebinars.com. She has a BS in Management Science from New York’s Binghamton University and previously held her Certified Financial Planner Designation for 23 years.