Art of the Qualified Plan Audit

As a plan sponsor, you may know that, generally, if your plan covers 100 employees or more, your plan is considered a large plan and requires audited financial statements to be attached to the 5500 filing.

As auditors, we are required to review the controls in place at a plan sponsor of a retirement plan and its service providers to assess the risk of material misstatement resulting from control risk. In doing so, we constantly evaluate the adequacy of the control structure and recommend improvements to strengthen the processes to prevent errors.