PICART
This list displays a dashboard summary of audit statuses that require action by the user, where the user can view and manage all of his/her current tasks.
What is "My action items"
All professionals of manager rank and above must have all brokerage/investment accounts registered for this tool.
What is the Automated Broker Feed?
All professionals are required to report deposit accounts with balances over this amount.
What is $10,000?
If an NPI has underlying investments, what documentation is required?
What are financial statements and/or prospectus/offering or equivalent documents?
This tax form supports Line 1 income.
What is the Form W-2?
This many signatures are needed to turn a module green.
What is at least two signatures in every entry.
Which of the following is NOT an exception from the broker feed mandate?
1. Foreign (non-US) accounts
2. Current employer retirement plans
3. Mutual fund accounts
4. Certain 529 plans.
What is mutual fund accounts? [Note: Only non-proscribed mutual fund accounts are eligible to retained outside of the broker feed.]
True of false? Always covered persons are not allowed to have brokerage/investment accounts with a proscribed entity.
What is false.
This percentage of ownership would require an active investor with significant interest to report the related financial relationships of an NPI.
What is 25%?
This tax form supports mortgage interest paid.
What is Form 1098.
This many days are typically given by default when the initial reviewer first sends the follow up letter.
What are 14 days?
Where would you go to determine when the auditee signed the confirmation under audit?
Where is "Prior year confirmations?"
This type of insurance is obtained at the time of a refinance and is not required to be reported.
What is lender's title insurance?
If an NPI acts as a vehicle to invest, any investment over that totals more than the this amount must be reported.
What is more than 20%.
Why does our process necessitate receipt of all Forms 1099-DIV, but not Forms 1099-INT?
What is to ensure all brokerage/investment accounts from which they received dividend income are registered for the automated broker feed, or meet an allowable exception.
Which of the following is NOT a PICART user role?
1. Auditor 2
2. Other Reviewer
3. Document Attacher
4. Global PICT Leader
What is Global PICT Leader?
True or false: When two professionals who meet the definition of a spouse/spousal equivalent work together at EY, they must only report their financial relationships within their respective GMS profiles and NOT their spouse/spousal equivalent's.
What is false?
What is if there are less than 50 investors and less than 100% ownership?
These are 4 of the most common US Tax Forms included in a US tax return (i.e., not including any supporting documentation).
What are:
Form 1040
Schedule 1
Schedule A
Schedule B
Schedule C
Schedule D
Schedule E
?
1. When drafting a GMS update for a matter that has never been reported in GMS, how should the update start?
2. When drafting a GMS update for a matter that is already reported in GMS, how should the update start?
1. Entity Name - PICT DD MMM YYYY Audit: ...
2. PICT DD MMM YYYY Audit Update: ....
What section of GMS would a professional navigate to to better understand what they are required to report?
What are "GMS Reporting Considerations" or "US Independence Policy?"
What will a professional be required to report if they are the beneficiary of a trust with knowledge of trust assets.
What are securities material to their net worth?
True or false. A professional would never get a finding for an investment held within an NPI if their ownership interest was less than 50% of the entity as they do not have direct control over the investments through that entity.
What is false?
What line of the Form 1040 would confirm if a Schedule A was filed?