Sch H - key in assets held or attach page?

My staff and I are really tired of keying in all the assets held, especially since we see it is a page in the audit report.  Does anyone just copy the pages from the audit report and include it that way?   Does that work (i.e., not get dinged by the IRS/DOL)?  Thanks.

3 hours ago, AlbanyConsultant said:

My staff and I are really tired of keying in all the assets held, especially since we see it is a page in the audit report.  Does anyone just copy the pages from the audit report and include it that way?   Does that work (i.e., not get dinged by the IRS/DOL)?  Thanks.

Yes it works and no it isn't a problem.  In fact if I think I can get away with it when I send the auditor a draft of the 5500 it doesn't include the attachment and see if the auditor gives it to me.

As far as I am concerned there  is no way the client is paying two firms to the do the job that makes zero sense from their perspective. 

Consider entering for the electronic schedule a general description and a cross-reference to the attached report.

Since the list of assets held for investment has always been  a supplemental schedule in the audit report (from various auditors), we've always simply attach that supplemental schedule from the audit report as a separate attachment to the Sch H.  Never had a problem over the years.

22 minutes ago, chc93 said:

Since the list of assets held for investment has always been  a supplemental schedule in the audit report (from various auditors), we've always simply attach that supplemental schedule from the audit report as a separate attachment to the Sch H.  Never had a problem over the years.

 

Same here.

EDIT: Not always a copy from the audit report.  Most platforms have an import option that eliminates most of the work though... 

I have been doing it for years also, and never had an issue.

Rarely, do the rtwo sets of entries agree!

Juan... just curious.  What "two sets of entries" are you referring to...