Internal Controls

[cripp12]

Anyone know where I can get samples of internal controls. I have started one but want to add anything I missed.

thank You

[GMK]

Here's a start:

http://www.irs.gov/Retirement-Plans/Internal-Controls-are-Essential-in-Retirement-Plans

which includes links to other lists, etc.

[cripp12]

Thanks for the reply.

After looking through these links it seems that between the checklist and fixit guide the same 10 or 12 key points are mentioned.

I would think that there should be more controls to go over.

[GMK]

Other advice we've received includes to list who does what (by name or job title) for each activity, such as, enrollment, contribution processing, distributions, etc. Kind of a step by step list of what needs to be done and who does it.

In particular, this would include who authorizes distributions and who checks that distribution authorizations are correct and proper, and the same sort of thing for processing and checking contribution amounts, and like that. It's a little tedious, but it helps identify where things can go off the tracks, so you can revise or add procedures to do things correctly.

[cripp12]

That helps. Thank you