401(k) Audit Basics, Part 2 - Participant Data and Contributions Testing
- 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:
- 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
Learning Objectives
- 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.
Major Topics
- Participant data testing
- 401(k) plan contribution types
- Parties in interest and prohibited transactions
