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Checklist for Determining Whether an ERISA 403(b) Plan Needs a Financial Statement Audit
Belfint Lyons & Shuman, CPAs Link to more items from this source
Mar. 17, 2014
"Each step on [this checklist] results from specific legislation regarding the correct way for a 403(b) to count its participants as of the beginning of the year. An accurate participant count is an important first step in determining whether an ERISA plan needs to attach audited financial statements to their Form 5500. Large ERISA plans must engage an independent qualified public accountant (IQPA) to audit the plan's financial statements. Most small plans are not required to have audited financial statements."

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