A summary of the items that will typically be reviewed as part of the annual audit of your defined contribution plan
A summary of the items that will typically be reviewed as part of the annual audit of your defined contribution plan
It is important to prepare for your annual retirement plan audit to ensure a smooth audit and Form 5500 filing. Not sure if your plan is required to have an audit? Check out our articles on audit requirements and how to select a qualified plan auditor here.
The checklist below is designed as a summary of the items that will typically be reviewed as part of the annual audit of your defined contribution plan (401(k), 403(b) and profit sharing plans). It is not meant to be all-inclusive, but covers the common items requested during an audit of a defined contribution plan.
*Depending on the services provided by the recordkeeper, you may have different records available in paper format vs electronic format accessible through a plan sponsor website with the recordkeeper
Don’t forget to provide your plan auditor with access to the plan sponsor website through your recordkeeper. The auditor should be set up with their own login information – remember, do not share your personal login credentials!