Investment Audit Inquiry

Overview of IL242

Certain events associated with an investment prompt DDI-Connect to check whether it needs to attach a special audit transaction to the investment record:

• Investment transfers
• Investment payouts
• Investment deposits
• Financial adjustments
• Duplicate investment notes
• Re-registrations with tax split
• Investment maintenance
• Re-registrations with all tax
• Investment re-deposits
• Investment renewal processing

If any of these events has taken place, the system determines the PIN of the investment owner (the name responsible for taxes). It then looks for either of the following:

• A deletion code attached to the name record. Deletion codes are maintained under Name/Address Codes Maintenance and indicate various circumstances such as the constituent’s death, obsolescence of the name record, or an unknown address
• The presence of certain account-information codes on the master account. These codes are assigned via the Set Investment Dormant Status report, and they indicate that the account is a holder of extended investments or that it is dormant.

Once the system determines that an audit transaction should be attached to the investment, the transaction is listed here. Your organization can regularly review the list to determine what actions, if any, to take as a result.

DDI-Connect asks users to create audit transactions when the name associated with the account is marked with a deletion code or when the investment account itself is marked as a dormant account. Users passing the proper security (INVIDOR) can choose whether to create audit transactions or skip the creation of audit transactions. Users satisfying the necessary security function (INVAUDINQ) can view these audit transactions.

There is also a mechanism where a user, if passing the necessary security function (INVAUDUPD), can analyze these audit transactions and mark them “Complete”. This conveys that someone has examined the audit transactions per their business requirements. The goal of this exercise is to make sure transaction activities associated with deceased individuals are identified as early as possible.

To use the Investment Audit Query:

• From the DDI Connect menu, double-click Financial Services
• Double-click Investments
• Double-click Investment Audit Inquiry. You will see a screen similar to this one:

You will see the following information on this screen:

Field/Column	Description
Start date	Enter the date that you wish to use as your starting date for review. The system defaults this date to the business date. However, you can type in a new date in mm/dd/yyyy format or click the calendar icon to select a date
C	The Completed column. If the transaction has been reviewed and marked complete, a * will appear in this column
ID	The transaction ID
Inv #	Investment number that the transaction was made against
Date	The date that the transaction took place
Principal	Principal amount associated with the current transaction (display only)
Interest	Interest amount associated with the current transaction (display only)
Penalty	Penalty amount associated with the current transaction (display only)
Withheld	Withheld amount associated with the current transaction (display only)
Total	Sum of the amounts listed on each transaction (display only)
Audit reason	Brief description of the condition that created the audit transaction (display only)
Completed	Login ID and date of completion for the audit transaction, if applicable

In addition to the fields and columns listed above, there are several buttons available to you on this screen. Please note that if a button is grayed out, you do not have that option available for the transaction you are viewing. For example, if the transaction does not have an associated check, the Check button will not be enabled.

=Detail button

If you click the Detail button while a transaction is highlighted, the system will display the Investment Transaction Detail screen: