Читать книгу Auditing Employee Benefit Plans - Josie Hammond - Страница 46

1 Is there a determination or opinion letter for the latest amended version of the plan or the latest amendment to the plan?

2 Has the plan been formally amended to comply with the latest applicable laws and regulations?

3 Is the plan in compliance with applicable laws and regulations regarding age and service requirements for beginning participation, benefit accrual rates, vesting requirements, and nondiscrimination in plan provisions?

4 Is the plan operating in accordance with its formal plan provisions, including any authorized amendments, or Board resolutions?

5 Was the plan tested, as applicable, with respect to minimum number of participants, minimum plan coverage, nondiscrimination (ADP test and ACP test), nondiscrimination in contributions or benefits, disparity for Social Security integration, limit on maximum annual elective deferral, contributions, benefits, and compensation, and determination if the plan is top-heavy or compliance with minimum contribution or benefit and vesting requirements if it is top-heavy?

6 Is there evidence that plan activities or operations during the period did not comply with items listed in 5 previously, or with any other applicable tax laws and regulations, or would cause the plan to lose qualification?

7 Was the employer contribution to a defined benefit plan paid on time? If not, was PBGC Form 200 filed, a funding waiver received and plan participants notified if a waiver was not received?

8 Are hardship withdrawals permitted in a 401(k) plan? If yes, have plan terms been satisfied with respect to cessation of subsequent salary deferrals where applicable?

9 If there are loans to participants, is there evidence that the plan did not comply with requirements related to loans?

10 If the plan is a leveraged ESOP, have the terms of the plan and the applicable loan agreements been satisfied?

11 Was there an independent appraisal of any employer securities or other plan investments that are not readily tradable on an established securities market?

12 Have the distribution rules of the plan been satisfied, appropriate notices given, and consents received?

13 For ESOPs, is there evidence that plan investments are diversified at participants’ request in conformity with the IRS qualification standard?

14 Is there evidence of a prohibited transaction between the plan and a party in interest?

15 Is there evidence that the plan engaged in activities that would cause it to incur unrelated business income taxes? If so, was Form 990-T filed in a timely manner?

16 If the information about tax status or related uncertainties or contingencies is disclosed by the preceding items, or obtained during the audit, has consideration been given to the effect of such matters on financial statement accruals or disclosures, supplemental schedule disclosures, representation letter and the auditor’s report?