IRAs Part 4 - Auditing Your IRA Files 2023

The least favorite part of any auditor's job is to go through old, musty IRA files to see if the bank is in compliance and has all the customer information it needs. Many times when files are scanned in for imaging purposes, they are not checked first, resulting in a lot of 'junk' in the electronic IRA customer files.

Wednesday, October 25th, 2023
10:00 am - 12:00 pm
Presented by Patrice Konarik
$279.00 or 1 Token

Includes: Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Accounting/Reporting
  • Auditing
  • Compliance
  • Customer Service
  • Deposit
  • 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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This 2 hour webinar will break down the IRA process in the bank - including expertise and procedural aspects. Knowing what should be retained in your customer files and what can be discarded can help with the clean-up. When mistakes are found in the files, what are the IRS requirements for corrections with respect to IRS reporting?

What You'll Learn

  • What are the documentation requirements to be included in the customer IRA files?
  • What disclosures must the customer receive when creating an IRA plan with the bank?
  • What happens if there is a deceased beneficiary or no beneficiary listed in the file?
  • Why is a review of the IRS reporting so important before it goes out to the IRS or the customer?
  • How far back can the bank go to correct an IRS reporting form and when is it necessary?
  • What are the 25+ most common mistakes to look for when auditing IRA files?
  • What kind of partial audits are the most crucial?"

Who Should Attend

Any employee who is new to the bank or customer service area and needs to learn the very basic rules and regulations of IRA should attend. In addition, any experienced IRA employees who would like a 'refresher' on the latest ever-changing rules and regulations of IRA would also benefit from this informational webinar.

Patrice Konarik

Instructor Bio

Patrice M Konarik is president of Sunwest Training Corp founded almost 30 years ago and 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. After 28 years on the road providing live training nationwide, she now concentrates on providing informational IRA and HSA webinars through OnCourse Learning. She has a B.S. in Management Science from New York’s Binghamton University and previously held her Certified Financial Planner designation for 23 years.