Audit & Assurance Services

6-Phase 401(k) Audit Process

When working with our 401(k) audit team our clients can expect a streamlined and organized process

Phase 1

Documents Needed -

Engagement Letter
Questionnaires
Parties in Interest Listing
Census
Plan Documents
IRS Opinion Determination Letter
Audit Package/Trust Report
Asset Certification Document

Meetings -

Planning

Phase 2

Documents Needed -

Internal Control Review
Fraud Risks Review
Compliance Review
Fidelity Bond
Discrimination Testing
SSAE16 Reports
Walkthroughs

Meetings -

Control & Fraud Risks

Phase 3

Documents Needed -

Participant Statements
Supporting Documents for Test Samples
Eligibility
Deferral
Distributions
Loans
Fees
Contributions
Company Match
Profit Share

Phase 4

Documents Needed -

Additional Support for Test Items
Confirmations
Resolutions of Issues Identified
Corrective Action
Form 5500 Draft

Meetings -

Question Items (if needed)

Phase 5

Documents Needed -

Subsequent Event Documentation
Review of Corrections
Representation Letter
Draft Report

Meetings -

Review of Issues, Control Deficiencies and Audit Differences

Phase 6

Documents Needed -

Audit Report
Financial Statements w/ Footnotes and Supp. Scheudles

If you need an audit for your 401(k) plan, consider a specialized firm like Anders. We can provide a quality benefit plan audit that is efficient and accurate.

For more information on how we can help, request a free consultation below or contact the team at (314)-886-7913 to discuss your unique 401(k) audit needs.

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