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Summer Blues? Will an Internal Plan Audit Add Zest to Your Doldrums?

July 12, 2022

Benefit plans with more than 100 participants as of the beginning of any plan year require a financial statement audit of the plan’s financial statements (with a transition exception).  Auditors should be gaining clues about the successfulness of the plan’s internal controls and other factors to assess the reasonableness, not only of the financial statements but, through sampling of plan document compliance, adherence to eligibility and plan entry provisions, participant loan rules, and more, that may poke holes in plan administration. Is it time to look further?

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Related Content 

  • EPCRS Program Eligibility Flowchart 
    Refer to this flowchart to determine if a retirement plan sponsor may use the IRS Employee Plans Compliance Resolution System (EPCRS) to correct a failure to comply with the qualification requirements for the plan's tax-favored status and to determine which EPCRS program is available to correct the failure: Self-Correction Program (SCP), Voluntary Correction Program (VCP), or Audit Closing Agreement Program (Audit CAP). 

 

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