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      Rollovers Package

      This article explains AuditMiner's Rollovers Package Workpaper

      Purpose

      The purpose of the Rollovers Package is to determine that rollovers were authorized and credited to the proper participant account. A sample of rollovers can be made to verify that the rollover is allowed by the plan’s provisions and properly classified, test that the participant’s investment elections have been complied with, if applicable, and the rollover amount and source is properly reflected in the participant’s account. (AAG-EBP 5.250)

      Testing

      Sample

      The workpaper will include the following information regarding the sample:

      1. Population Source: Rollover Population
      2. Population Amount: Total Rollovers
      3. Population Count: Number of Rollovers
      4. Sampling Unit: Individual Rollover
      5. Seed Number: This number can be used to regenerate the sample selection
      6. Sample Methodology: Sample methodology chosen by auditor. See Sampling Considerations section.

      Testing Procedures

      AuditMiner testing procedures are as follows: (AAG-EBP 5.250)

      1. Obtained a copy of the rollover check to verify the amount was accurate and the date processed was reasonable.
      2. Verified rollover request form was signed by participant.
      3. Verified the rollover check was received from a qualifying retirement plan.
      4. Verified the rollover funds were allocated to investments in accordance with participant direction.