What are the three most common errors that CPAs find when they conduct plan audits?

Publisher: Madison Pension Services, Inc.

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What are the three most common errors that CPAs find when they conduct plan audits?

CPAs are tasked with auditing plans that (generally) have more than 100 participants. So they get to see just about everything – the good, the bad and the ugly. Auditors test a sample of the Plan Sponsor’s employee population when auditing a plan. Once they discover an error, they must determine what their next step should be. It might involve testing a larger sample of the plan’s population or requesting additional information. Either of these steps can ratchet up the cost of audit.