Preparation Tips

Taking these steps will minimize extensions, extra internal work, the chance of increased audit fees and the possibility of DOL inquiries or violations.

1. Communicate with your TPA(s) as to the date:
   • You will receive the census information request
   • They want the census request completed & returned
   • They will provide plan testing results
   • The "auditor information package" will be available
   • For defined benefit plans, know when the actuarial valuation will be available
2. Send your Auditor copies of:
   • Any amendments to your plan documents or service agreements
   • Any new plan documents or service agreements
   • The minutes of benefit plan committee meetings held during the plan year
3. Obtain year-end plan trial balance from your TPA(s) and:
• Reconcile employer contribution(s) totals to the amount recorded in the plan sponsor general ledger
• Reconcile the employee deferral contributions to the total amount shown in the plan sponsor year-to-date payroll register
• Reconcile the employee deferral contributions to the total paid in the plan sponsor general ledger
• Review the investment gains/losses and benefit distributions for the year for any unusual fluctuation
• Review for any significant adjustments or unusual items and obtain explanation for identified items from record keeper
4. Update any written accounting process documentation maintained for the plan and provide to your auditors.
5. Communicate to your auditors any other significant changes with respect to the plan or the plan sponsor that took place during the plan year.
6. Agree on a timeline for completion of your employee benefit plan audit with your auditors including scheduling fieldwork and reserving appropriate work space.

Are you not getting this type of communication from your auditors?
Not even getting asked some of these questions? If not, please call to talk to us about your plan audit. Make your audit a simpler, more effective tool for your company to use.