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
Engagement Letter
Questionnaires
Parties in Interest Listing
Census
Plan Documents
IRS Opinion Determination Letter
Audit Package/Trust Report
Asset Certification Document
Planning
Phase 2
Internal Control Review
Fraud Risks Review
Compliance Review
Fidelity Bond
Discrimination Testing
SSAE16 Reports
Walkthroughs
Control & Fraud Risks
Phase 3
Participant Statements
Supporting Documents for Test Samples
Eligibility
Deferral
Distributions
Loans
Fees
Contributions
Company Match
Profit Share
Phase 4
Additional Support for Test Items
Confirmations
Resolutions of Issues Identified
Corrective Action
Form 5500 Draft
Question Items (if needed)
Phase 5
Subsequent Event Documentation
Review of Corrections
Representation Letter
Draft Report
Review of Issues, Control Deficiencies and Audit Differences
Phase 6
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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