401(k) Audit Basics, Part 2 - Participant Data and Contributions Testing

Overview

Participant data and contributions testing (bold)

Employee benefit plan audits are quite different from corporate audits and require an understanding of the unique audit areas specific to plans.

Part 2 of the 401(k) audit basics series addresses participant data and contribution testing, including:

Highlights

• Identify what participant data needs to be tested and why.
• Recall the different ways a participant can enroll in a plan.
• Distinguish the various types of contributions received by a 401(k) plan.
• Recognize parties in interest and prohibited transactions.
• Distinguish unique issues that should be considered when planning 401(k) plan audits.

Prerequisites

None

Designed For

Auditors new to employee benefit plan auditing

Objectives