Independent Qualified Public Accountant Audit

[Guest terric]

Is there any exception to having the independent qualified public accountant audit for a plan that has over 100 participants at the beginning of the plan year?

In particular, what if the plan was terminating during 2005, but had over 100 participants as of January 1, 2005, do they still have to have the audit?

Thank you for any insight!

[JanetM]

Yes you do unless you have been filing Schedule I using the 80/120 rule. The chance to skip and audit with short plan year is for plans starting up. But you still have to include all months of both years in audit.