Posted By Stacey Snyder, CPA, QKA, TGPC
If you’re preparing for your first 401(k) plan audit, you may be wondering what information the auditor will need for the audit. In order to help you prepare, we have created a template of an audit information request which conveys the overall level of detailed verification required in an audit. Your auditor will tailor their actual request based on the specifics of your plan’s design, so they may not need every single item included in our template or they may find it necessary to request additional information. While the template may look overwhelming, it is important to note that a number of the items will be provided by the third-party administrator or recordkeeper. As such, it is beneficial to provide your auditor with access to the plan’s webstation which allows them to download and request the applicable support directly from the service providers, and reduce the number of items on your to-do list.