When a 401(k) or other retirement plan requires an annual audit, a plan administrator may have a choice to engage an audit firm to perform a full-scope audit or a limited scope audit of the financial statements. To be qualified for a limited scope audit, a bank or insurance carrier must act as a trustee …
As noted in April 6, 2010 post, “Do You Still Need a 401K Audit?” there are several factors to consider in determining whether or not your 401K Plan needs an audit. After the decision has been determined that an audit will be required for your 401K Plan, the next big question for the Plan administrator …
As a plan sponsor you may be required to engage a CPA firm to perform an audit of your 401(k) plan. As a general rule, the audited financial statements are required to be filed with your Form 5500 if you have 120 or more eligible employees. This is the general rule and your specific situation …