What Documents are Needed for a 401(k) Audit?
A large number of documents are required to conduct a 401(k) Audit. We will request some information from the employer and some from the recordkeeper and/or custodian. We use a tool called “Smartsheet” to request and receive the documents securely. To the right are listed some of the items usually requested.
Note: We provide an email facility to submit the information securely to us.
- Bank statements showing plan deferrals and company contributions made to the Trust
- Information questionnaires
- Current year census
- Plan document, adoption agreement, and all amendments
- IRS determination letter or opinion letter
- Type ll SOC l Report, formerly SAS 70 report
- Summary plan description
- List of all parties in interest.
- Discrimination test results and detailed schedules
- Form 5500 with all supporting schedules
- 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 from the Plan custodian
- Participant statements and Plan Trust reports including detailed schedules
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