Whether you have boxes of old IRA folders or you have imaged your IRA files, it is always vital that you have the correct and latest information in your customer files. You never know when you may have to go back and access applications, beneficiary designations, contribution and distribution information, or reporting data.

Missing or out-of-date forms could result in the institution making a mistake, like paying out to an incorrect beneficiary or being fined by the IRS for missing documentation.

You will be provided with “IRA Audit Worksheets” to make this task a little bit easier, as well as a growing list of the most common mistakes you will find in your files and how to correct them.