PICART
GMS
Reporting Requirements
Non-public Investments
US Tax Returns
100

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"

100

All professionals of manager rank and above must have all brokerage/investment accounts registered for this tool.

What is the Automated Broker Feed?

100

All professionals are required to report deposit accounts with balances over this amount.

What is $10,000?

100

If an NPI has underlying investments, what documentation is required?

What are financial statements and/or prospectus/offering or equivalent documents?

100

This tax form supports Line 1 income.

What is the Form W-2?

200

This many signatures are needed to turn a module green.

What is at least two signatures in every entry.

200

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.]

200

True of false? Always covered persons are not allowed to have brokerage/investment accounts with a proscribed entity.

What is false.

200

This percentage of ownership would require an active investor with significant interest to report the related financial relationships of an NPI.

What is 25%?

200

This tax form supports mortgage interest paid.

What is Form 1098.

300

This many days are typically given by default when the initial reviewer first sends the follow up letter.

What are 14 days?

300

Where would you go to determine when the auditee signed the confirmation under audit? 

Where is "Prior year confirmations?"

300

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? 

300

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%.

300

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.

400

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?

400
When an audit is complete, you must mark it as such in what section of GMS?
What is "Compliance Audit?"
400

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?

400
What is the criteria to determine if the joint investments policy applies?

What is if there are less than 50 investors and less than 100% ownership?

400

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

?

500

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: ....

500

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?"

500

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?

500

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?

500

What line of the Form 1040 would confirm if a Schedule A was filed? 

What is Line 12a?