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Preparing For An Audit?

The Key to a Successful Audit - BE PREPARED!

Starting the audit too early and/or without the proper documents generally results in rescheduling, audit delays, and unnecessary costs. We recommend that the following be available at the start of the engagement:

• Plan document, adoption agreement and all amendments.
• IRS determination letter.
• SAS 70 report.
• Summary plan description.
• List of all parties in interest.
• Plan sponsor financial statements.
• Discrimination tests.
• Form 5500 with all supporting schedules.
• Participant trial balance for the Plan year.
• Distribution forms for distributions during the Plan year.
• Loan documents for all participant loans.
• A schedule of deposits to the Plan on a pay period basis.
• Forms W-2 or other annual payroll registers and reports.
• Form 1099 for distributions.
• Certification report from the Plan custodian.

Administered By:
If your plan is administered by a national firm (such as Fidelity, Charles Schwab, Merrill Lynch, etc.), you can request an Auditor's Package which will contain many of the above listed items. If your plan is administered by a third party administrator, we can work with that administrator to gather and prepare audit documents. In either situation, we can contact your administrator to ensure that everyone is working as a team to complete the audit in a timely and cost effective manner.