401(k) Audit Basics, Part II: Participant Data & Contributions Testing

Overview

Participant data and contributions testing. Employee benefit plan audits are quite different from corporate audits and require an understanding of the unique audit areas specific to plans. Part II of the 401(k) audit basics series addresses participant data and contribution testing, including: What participant data needs to be tested and why, The different ways a participant can enroll in a plan, The various types of contributions received by a 401(k) plan, Parties in interest and prohibited transactions, Common issues and errors seen in these areas.