How to Prepare For a Pension Plan Audit – Take Loan
This section provides a comprehensive overview of all kinds of pension plans.
Simplified Employee Pension (SEP) Plan
Simple IRA Plan
Profit Share Plan
Defined Benefit Plan
Traditional 401(k), Plan
Safe Harbor 401(k) Plan
The clip goes through the particulars of each plan. It also gives information about who is responsible to manage a 401k plan. This includes a plan administrator and trustee. They also include a record keeper the custodian as well as an administrator.
An audit of full scope states that the entire plan is susceptible to audit. A certified auditor is able to provide an opinion on the financial statements.
An audit of limited scope declares that the investment information that is certified and prepared by a trust or bank company is not audited. Auditors are not authorized to offer an opinion about accounts of the fund.
The video also explains is the description of the summary plan is for auditing 401(k) plans is because it’s crucial that you be aware of this plan.