"[T]he main focus of the financial statement audit is on the presentation in the financial statements. One of the assertions underlying a financial statement is that the plan is a qualified plan and thus exempt from income taxes, and in support of that assertion auditors will perform some testing to look at compliance with the plan document and regulations. However, this level of testing is not intended to provide absolute assurance that any deviations would pass the scrutiny of the [IRS or DOL] but rather to identify for the auditor as to whether there is a sign that the plan is so grossly in violation of terms or law that their tax status would be at risk, or that any material misstatements to the financial statements whether due to error or fraud, are identified and reflected appropriately therein."  MORE >>