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Principal Workpapers

This article summarizes unique information relevant to Principal Input Files & Workpapers

What does Principal NOT include?

Contribution Allocation Testing

    • The input reports do not include ticker symbol or percent elected. These fields will be left blank for the auditor to populate as deemed necessary. 

Distribution Package  

    • The Distribution input report does not include forfeitures, payee or loan default amounts. 
    • The Distribution input report is not broken out by money source, so AuditMiner uses Display of Accounts input report to populate the money source detail for Distributions. For those participants that have multiple distributions, AuditMiner is unable to obtain the money source detail from the Display of Accounts. 

Investment Disclosure Support 

    • The input report does not include investment ID, ticker symbol, current year shares, current year price, or current year cost. These fields have been left blank for the auditor to populate as deemed necessary.  

Investment Income Allocation

    • The input reports do not include the ticker symbol so the fund return is not populated in the output report. 

Loan Package

    • Loan number, original loan date, maturity date, payment amount & interest rate may be blank when AuditMiner is unable to match the loan number on the LoansReport input file to the loan number on the Recordkeeping Loan Statement input file. This is often the case when a participant termed during the year as they will no longer be reported on the LoansReport input file.
    • For participants that have new or modified loans subsequent to Plan's year-end, Original Loan Date, Original Loan Amount, Payment Amount, Interest Rate, and Maturity Date on the Population tab may be blank. This is due to Principal updating their LoansReport to reflect the latest loan even though the Plan Year loans were unaffected.

Rollovers Package

    • The output report does not include rollover dates when there are more than one rollover for a participant. Additionally, qualified institution is not included in the rollover workpapers.