Investment Audit Inquiry
Contents
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:
When you have finished viewing the information, click Exit to return to the Investment Audit Inquiry screen.
Before/After button
If you click the Before/After button, the system will display the Edit History screen. Changes for this transaction will appear in blue:
When you have finished viewing the information, click Exit to return to the Investment Audit Inquiry screen.
View Group button
If you click the View Group button, the system will display all transactions associated with the one you are auditing:
When you have finished reviewing the information, you can click Exit or click the "View Audit" button on the toolbar. Both will return you to the Investment Audit Inquiry screen.
Complete button
If you click the Complete button, the system will update the transaction to reflect that the internal audit review is complete:
If you marked the transaction complete in error, clicking the Complete button again will remove the completion information.
Inquiry button
Clicking the Inquiry button will launch the Investment Inquiry screen:
When you have finished viewing the information, click Exit to return to the Investment Audit Inquiry screen.
Check button
If you click the Check button, the system will launch either the View Checks or the View Wires screen, depending on the type of "check" that was issued:
When you have finished viewing the check, click Exit to return to the Investment Audit Inquiry screen.
Image button
If you have the Image button available, it means that there is a scanned document attached to the transaction. Clicking the Image button will launch your image viewer:
Close the image when you have finished viewing it.
When you have finished the audit inquiry, click Exit to leave the screen.
