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Until now, your best resource for performing Department of Labor (DOL) limited-scope audits of 401(k) plans was PPC's Guide to Audits of Employee Benefit Plans. But you had to read through all of the program steps, checklist questions, etc., to determine whether they applied to limited-scope audits of 401(k) plans.
With PPC's Practice Aids for Limited-Scope Audits of Standard 401(k) Plans, we've done that work for you by removing material that isn't applicable to limited-scope audits of standard 401(k) plans. This allows you to:
Save hours of valuable audit and review time in each audit because you no longer have to read all the material to determine whether it applies to your limited-scope audit. Save training time because your new staff members won't have to make complicated scope decisions. The practice aids are tailored after those in PPC's Guide to Audits of Employee Benefit Plans, so there is no learning curve if you've previously used that guidance.
The audit programs will also make it easier for you to comply with the DOL's limited-scope audit requirements because the programs include only those audit steps normally required in a 401(k) plan limited-scope audit. This is important because a recent DOL study of ERISA audits found that auditors misapplied the limited-scope, primarily by not performing audit procedures that were required in a limited-scope audit.
PPC's Practice Aids for Limited-Scope Audits of Standard 401(k) Plans gives you all the audit programs, checklists, and letters you need for a limited-scope audit of a standard 401(k) plan. We defined "standard" features we believe exist in a majority of limited-scope 401(k) plan audits, such as no property and equipment, long-term debt, or derivatives, and modified the practice aids to fit those features. You should review those features to determine whether each of your 401(k) plan clients meet them. It they do, these practice aids will help you conduct a more effective and efficient audit. If they do not, then you should continue to use PPC's Guide to Audits of Employee Benefit Plans.
PPC's Practice Aids for Limited-Scope Audits of Standard 401(k) Plans are available in print, CD, and online, and the latter two options include links to the applicable text guidance on PPC's Guide to Audits of Employee Benefit Plans. You should purchase one of these media if you prefer to complete these practice aids manually. These practice aids are also available as part of PPC's Practice AidsTM. You can purchase these practice aids as in Microsoft©Word and Excel formats so you may edit them as necessary for each engagement and also use them with a paperless engagement software. Plus, you can electronically complete the practice aids if you prefer.
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INTRODUCTORY MATERIAL
PREFACE
