Are You Ready for an Audit?

Are You Ready for an Audit?

Several events can trigger a DOL or IRS audit, such as employee complaints or self-reporting under the annual submission of the Form 5500. Often times an audit is a random event, which is why you should always be prepared. Listed below are several key items typically requested in an initial letter sent by the IRS or the DOL in connection with a retirement plan audit. These items should be readily accessible by the plan administrator at all times the plan is in operation.

– Plan document and all amendments

– Summary plan description

– Investment policy statement

– Copy of the most recent determination letter

– Copies of Forms 5500 and all schedules

– Plan’s correspondence files (including meeting minutes)

– Plan’s investment analyses

– ADP and ACP testing results

– Most recent account statements for participants and beneficiaries

– Contribution summary reports (i.e., evidence of receipt of these monies by the plan’s trust)

– Loan application, amortization/repayment schedule (for all loans)

– Payroll Records

Fees Funds and Fiduciaries - Cheapr is Not Always Better_Page_2

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KerberRose Wealth Management LLC
115 E. 5th Street
Shawano, WI 54166

Phone 800-729-2065
Phone (Alt) 715-526-9400
Fax 715-524-2599


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KerberRose Wealth Management LLC is a registered investment advisory firm and the wealth management subsidiary of KerberRose Holdings LLC. Investment Advisory services offered through Investment Advisor Representatives of KerberRose Wealth Management LLC. We currently have individuals licensed to offer securities in the state of Wisconsin. This is not an offer to sell securities in any other state or jurisdiction.

Certain representatives of KerberRose Wealth Management, LLC are also Registered Representatives offering securities through Comprehensive Asset Management and Servicing, Inc., Member FINRA/SIPC 2001 Route 46, Suite 506, Parsippany, NJ 07054 (800) 637-3211. KerberRose Wealth Management, LLC is not owned or operated by Comprehensive Asset Management. Financial Planning and Investment Advisory Services are offered through KerberRose Wealth Management, LLC. Check the background of this firm on FINRA’s BrokerCheck.