Page 112 - NovDefComp

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
Defined Benefit and Defined Contribution

Recordkeeping Operations System

Controls Specified by
MassMutual Business Testing Performed by KPMG LLP and Results of Tests

6.9 (Continued) Accounting Additional Testing Performed by KPMG LLP:
operations associates review Inspected management’s lookback documentation from
supporting documentation for
individual payments over 10/1/2019-12/31/2019 and determined that management
identified 59 reconciliations that were not independently quality
$500,000 to determine that
disbursements were processed reviewed. For the 59 reconciliations, inspected the LAN folder
containing management’s supporting evidence and retroactive
completely and accurately. The
review is evidenced by sign-off review and determined whether the quality review was
completed. For a selection of 5 of the 59 reconciliations, KPMG
on the “GA Cashbook
Reconciliation & Disbursements reperformed the applicable steps on the checklist and inspected
the retroactive review to determine that the reconciliation had
Checklist.” An independent
MassMutual team member been completed and the review was documented on the
checklist.
performs a quality review
evidenced in an oversight section
of the same checklists to ensure
the reconciliation was complete
and accurate. (DB)

6.10 Accounting operations Inspected verification documentation for PRS and CAS
associates reconciles the total disbursements to the “Check Reconciliation Control Report”
number and dollar amount of provided by Corporate Output Services for a selection of dates
checks reported on the “GA Daily and determined that an accounting operations associate verified
Cash Suspense Report” for the total number and dollar amount of checks reported on the
disbursements processed on “GA Daily Cash Suspense Report” as evidenced by the
CAS to the “Check Reconciliation reconciliation calculation and sign-off on the “Check
Control Report” provided by Reconciliation Control Report.”
Corporate Output Services. No Exceptions Noted.
Discrepancies are researched
and resolved in a timely manner.
The verification is evidenced by
the reconciliation calculation and
by sign-off on the “Check
Reconciliation Control Report.”
(DB)

MassMutual Defined Benefit and Defined Control Objectives, Related Controls and Tests of
Contribution Recordkeeping Operations System Operating Effectiveness
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