Summary
This document is a checklist designed to assist employers in conducting audits of their 401(k) plans. It outlines various regulatory issues that may impact the audit process, such as the inclusion of long-term part-time employees and the necessity for accurate compliance testing. Employers are advised to track employee hours and ensure that census files used in compliance testing reflect the full employee population. The checklist also emphasizes the importance of timely corrective actions for compliance testing and the proper treatment of self-employed individuals and leased employees. Additionally, it provides guidance on scheduling audit planning meetings with key management members and auditors, establishing plan governance responsibilities, and ensuring that the plan document aligns with compensation definitions. The document serves as a comprehensive resource for navigating the complexities of 401(k) plan audits, ensuring compliance with regulations, and facilitating a smooth audit process.
