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Auditors' Tests of Beginning Balances When a Small Plan Becomes a Large Plan
Belfint Lyons & Shuman, CPAs Link to more items from this source
Aug. 27, 2015

"The auditor must obtain an analysis of the participant accounts for as many years as necessary to build up the opening balances, possibly from inception of the plan. The analysis ought to show, for each year, the additions and deductions to the individual participant accounts, in total and by individual participant, the employer contribution, withdrawals, forfeitures, investment income and realized and unrealized gains and losses, and plan expenses.... For a defined contribution plan, it is particularly important to test the allocation of the employer contribution, forfeitures, and investment income, gains, and losses to the individual participant accounts for a sufficient number of preceding years to obtain satisfaction that the opening balance is correct."

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