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What documents do I need to gather for a 401(k) plan audit? - Larson And Company

Written by Diane Nesbit, CPA | 15 May 2018

If you are preparing for a 401(k) or employee benefit plan audit, you may not be sure what reports you need to provide your auditor. The majority of these reports are furnished to us by the custodian of the investments in what is typically called an “Audit Package.”  Once we are engaged to perform the audit, we will contact the custodian to request that these reports be sent to us.  We will also request from the employer selected copies of its reports generated from its HR and Payroll department as it relates to the 401(k) plan participants.

Note: We provide access to a secure portal called Suralink so that all electronic information can be provided to us securely.

  • Audit Information questionnaire
  • Current year census
  • Plan document, adoption agreement, and all amendments
  • IRS determination letter or opinion letter
  • Type ll SOC l Report for third party service providers (formerly titled SAS 70 report)
  • Summary plan description
  • List of all parties in interest
  • Discrimination tests
  • Form 5500 with all supporting schedules
  • Participant trial balance for the Plan year
  • Distribution forms for selected distributions during the Plan year
  • Loan documents for selected participant loans
  • A schedule of deposits to the Plan on a pay period basic
  • Forms W-2 or other annual payroll registers and reports
  • Form 1099 for distributions
  • Certification report for the Plan custodian
  • Participant statements and trust reports

For more information about employee benefit plan audit services from Larson & Company, contact Diane Nesbit.