Audits for 2019

[Jodi]

Has anyone seen anything about plan audit relief?  I have a client that cannot afford their plan audit right now.  Restaurant group.  I haven't seen anything yet. May tell them to work with their auditors for some relief.

Thanks!

[Mike Preston]

Not on anybody's radar, as far as I can tell.  The only audit relief being contemplated is the delay associated with 5500 due dates, if any.

[CuseFan]

Agreed, and the sponsor being able to afford the cost would not even be a consideration for any relief since the expense can be paid from plan assets.

[Peter Gulia]

Congress granted the Secretary of Labor power to delay due dates, but not to change ERISA § 103’s command to engage an independent qualified public accountant.  ERISA § 518 [29 U.S.C. § 1148], amended by CARES Act § 3607.

[msmith]

Audit can be paid for from Plan Assets, if document permits. Don't like to use this option - but it is available for some Plan expenses.