austin3515

SIMPLE IRA's and SEP's

Am I correct in assuming that plans funded by IRA's would never be subject to an audit requirement and thefore are not affected by the Small Plan audit rules?

That's my impression as well, and I have ocnfirmed that with the DOL. I actually read the article you're talking about and had the same question!

Thanks! That leter had a reference to the exact phrase I was looking for. 2520-103-5, paragraph d1 indicates that a person authorized to sign the certification byt the trustee is acceptable.

In the auditors defense, I'm sure he/she picked that up due to the fact that we are told all the time (as auditors) that if a Plan is self trusteed they (the custodian) cannot provide a certification. As the previous respondent indicated that is categorically untrue. I'm not certain why the auditor cares either, if they do in fact have a certified statement from a custodian... If your in the New Engalnd area, respond - I'd be happy to have my firm do the limited scope audit...

I swear I heard a very high authority at the DOL say that a "duly authorized agent" of a bank, trust or insurance company could issue a certification that could be relied upon for the audit. I have recently obtained such a certification from a pretty major investment firm, where the investment company certfied as "agent for the trust company." From reviewing the regs, I cannot find any mention of a duly authorized agent. Anyone dealt with this before?