What will an auditor want to know? Meeting 403(b) plan audit requirements

Description

Abstract: IRS and Department of Labor (DOL) rules that kicked in at the start of 2009 require an annual audit of 403(b) retirement plans with 100 or more participants. This article presents questions that auditors are likely to ask in regard to any plan amendments or changes in the plan’s status; reporting and governance; oversight of service providers; and fraud risk factors. A sidebar gives Form 5500 filing deadlines.