Our Audit Process
Below is some general information about the typical audit process, our goal is to make this as simple and stress-free as possible for you, so all of these items are completed on your schedule with your convenience in mind.
1.
Initial Audit Meeting: We schedule a brief meeting prior to starting the audit to understand the last year of the plan operations, discuss any upcoming changes, and determine the best timing for you to complete the audit. We will also coordinate to get auditor access to all plan provider and payroll websites as applicable to reduce the amount of information you need to provide. We will also provide you with an engagement letter through RightSignature, which allows for easy and quick e-signature. This meeting should take 30 minutes or less.
2.
Audit Planning: We will send our request list and planning inquiries through our secure portal Sharefile, which will allow you to safely transmit all audit documents and keep a running tab of all outstanding items. Once all requested items are provided, we will make selections for the participant testing phase of the audit and send them directly to you. This processed should take one week or less after all items have been provided.
3.
Fieldwork and Testing: During this what we will request certain HR, payroll and plan enrollment documents from you for a selection of employees. We will test distributions, loans, demographic data, payroll, employees deferrals, and employer contributions as applicable. As the audit is done remotely, you control the pace of uploading the request items to Sharefile and can work on this when best for your schedule.
Based on your preference, we can send follow-up questions and open items via email, Sharefile request list, or phone call.
Wrap-up, Issuing Financials and Required Communications: After all testing has been completed, and all open items addressed, we will send a draft of the Plan financial statements and required communication letters for your review.
Once you approve those items, we will send a management representation letter for e-signature and will issue the final copies of the financial statements and letters as soon as we receive it back. This process should take less than a week after receiving all outstanding fieldwork items.