Upon being retained to audit your employee benefit plan, we will request a copy of the Plan Document, Summary Plan Description, IRS determination letter, Plan amendments and any agreements with record keepers/custodians. Going forward, our audit process will normally involve two request lists.
One is at the onset of the engagement where it is necessary for us to obtain the Plan's financial information for the year under audit. Using that information, we select samples to perform the detailed audit testing. Because you are always dealing with experienced employee benefit plan auditors, there should not be ongoing additional requests. We take pride in our ability to give you these two lists so that you can appropriately schedule your staff's time commitments. Unless plan failures are noted, these should be the only request lists you are responsible for.
We will have approximately 60% of the audit complete before we visit for fieldwork. Depending on the number of participants and the complexities of the plan document, the length of fieldwork will vary between 2 and 4 total days on site. The turnaround time from the start of the audit to issuance of your report can be completed in as little as 3 weeks provided we receive adequate cooperation.
Typical sample requests for a limited scope 401k plan audit will resemble those below: