Trust Examiner School - September 2023

Internal Use Only

Scope of Audit Coverage

• The accuracy and validity of transactions • Fee calculations, collections, and waivers • Compliance with governing instruments, internal policies, statutory and regulatory requirements • Internal routines and controls

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Internal Use Only

Scope of Audit Coverage

Account administration practices, such as documentation of: • Trust agreements and court orders • Income receipts and distributions; • Principal invasions such as appropriate approvals; • Receipt of assets; • Co-fiduciary and grantor approvals; • Beneficiary and third-party approvals; • Unique assets; and • Annual administrative and investment reviews

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