Accountant's Opinion

[Guest HRGuyinSF]

It looks like this might be the 1st year we are required to use an accountant's opinion. Can anyone detail out what the accountant is looking for and if they look at the previous year as well?

Thanks Much!

[austin3515]

They'll have a list of request that will be at least 2 pages long.

And yes, they are required to do at least limited procedures for a few years back (if not more).

The first year especially will be a pain (they'll need plan documents, they'll need to right long boring memos about everything you do, etc.).

I audited plans for about 5 years before converting to TPA work...

If you haven't already selected an auditor, make sure you get one that does these on a regular basis (at least 20 or 30 a year). The AICPA has some sort of a "quality center" which is kind of an endorsment I think (it was introduced after I left the industry).

Remember, if you hire an auditor who has no clue what they're doing that's your problem. Blaming the auditor won't get the DOL off your back.

The DOL also has a pamphlet on their web-site about picking an auditor.