Cost of Full Scope Audit?

[SFSD]

Recently had a client report their audit cost about $33,000. This seems pretty high to me as the last I heard Form 5500 audits were more like the $5,000 to $10,000 neighborhood - for limited scope where the plan has a certified annual asset statement. A full scope audit was required because of the lack of a certified annual statement. Employer uses a TPA for recordkeeping and all money is invested in one mutual fund company that informed them they do not provide certified annual statements. Have you had the same experience with mutual fund companies? Thank you for any information you can share! Employer is located in Texas.

[rcline46]

IMNSHO, based on the facts given, they were ripped off. However, there may have been a lot of research necessary for loans, deposits, census information, etc that took extra time.