Audits

Audits

Noncompliance is Widespread.
Unfortunately, many IRS and CWF-audited banks have recently shown a number of compliance deficiencies in plan opening, amending, reporting, recordkeeping and other areas of account maintenance.
Though per-account and per-error penalties may seem modest, the same mistakes tend to repeat themselves throughout an institution's record keeping system.

Make IRAs work for you, worry-free. Call 1-800-346-3961 for more information.

Compliance Review Audits

Make the various tax-preferred accounts work for you, worry-free. Before you find yourself standing face-to-face with a governmental representative, or an unhappy customer, you should make every effort to improve compliance procedures.

Our experienced auditing staff will directly review your IRA, QP, SIMPLE and/or SEP files for compliance in the areas of:

IRS and customer reporting
Documentation
Amending in accordance with all IRS regulations
Rollovers, direct rollovers and transfers
Deposits and distributions (especially RMDs)

When your Audit is Completed

You will receive a comprehensive written report (additional $200.00)
We will specifically inform you of what must be done to bring your accounts into compliance
We will recommend procedures that will help KEEP your accounts in compliance.

Fee Plus Expenses

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Follow-up Audit

Implementation of audit recommendations may be subject to human performance variables, staff changes, new internal procedures, etc. If significant compliance problems were found, you may wish to request a follow-up or "tune-up" audit after your initial audit to ensure that proper administrative practices are in place and are being followed. For previously audited instituions that request this service, we offer a special rate of $775 per day, plus expenses. To qualify for this special pricing, the follow-up audit must be scheduled prior to the 4th anniversary of the initial audit.

Mail-In Audits

Very similar to an on-site audit, except CWF will instruct you what files we wish to examine. After reviewing a list of your tax-preferred accounts and asking various questions, you will be asked to photocopy various files, computer reports, forms, etc. and ship them to CWF for a comprehensive review.

Mail selected IRA files to us for off-premises review (charged on a per-file basis). Price based on quantity of files to review.

Pay CWF—a small fee! Or the Government — a larger fee.

Make the various tax-preferred accounts work for you, worry-free Before you find yourself standing face-to-face with a governmental representative, or an unhappy customer, you should make every effort to improve compliance procedures.

Call our Sales Department for more information at 1-800-346-3961.

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Multi-Day Audits

While many financial institutions can have their IRA or Qualified Plan files adequately reviewed for compliance in a single day, there are circumstances in which a multi-day audit may be recommended in order to render a more reliable compliance opinion. Such situations include:
* Very large number of files to be reviewed;
* Multi-branch/office situation, with a potential for inconsistent administrative practices among these offices;
* Acquisition of a bank or bank group, with substantial potential for noncompliance exposure.

Special Multi-Day Audit Rate
We would like to encourage use of the multi-day audit option when it will be in the financial institution's best interest to do so. We have structured our additional-day fees in order to make this option more attractive:
* First-Day Fee - $875 (plus expenses)
* Each Additional Day - $675 (plus expenses)

CWF's audit fee includes a verbal report concerning the Instituion's IRA compliance. A written report is available on request for an additioal fee of $200.

Call or Sales Department for more information at 1-800-346-3961.