Discussion:401K audit
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Discussion Forum Index --> Accounting Questions --> 401K audit
| 30 July 2008 | |
| Does anyone know the rules on auditing a 401K plan in its first year? We have a client that started operating a 410K plan in July '07. The plan's year end is 12/31. The company has seasonal employees and at the time the plan started in July there was well over 120 eligible participants. I know in a regular year the need for an audit is based on the number of eligible participants at the beginning of the plan year or January 1st. For our client, would we use the number of eligible employees they had on 1/1/07, even though the plan was not established, or would it be based on the number they had when the plan actually began operating in July? Thanks. | |
| August 10, 2008 | |
| It's been a long time since I've done a 401(k) audit, but it seems to me you would start with the date the plan started. | |
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