Director + 401(k) Audit Kim Moore and Manager + 401(k) Karen Hill share guidance for 401(k) plan sponsor’s first audit and key advice to ensure a successful audit with minimal delays. First time audits can be difficult to manage without prior experience, and typically take much longer than subsequent audits, but key advice from Kim and Karen can help keep plan administrators organized and prepared.
Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/
“If it's a first-year audit, they usually take a little longer, as you can imagine. I get calls from people that this is a first audit and they say, ‘Can you do my audit tomorrow?’ I can start tomorrow, but I'm not going to finish it in a day. That's just not even possible. So you want to make sure that you talk to your auditor about timing.”
The information discussed in this episode includes:
Episode resources
Narrator: Welcome to the 401k Audit CPA Success Show where we are 100% focused on helping companies across the United States prepare for their 401k audit. If you have 100 eligible participants in your 401K plan, then this podcast is for you.
Kim Moore: Hello everyone. My name is Kim Moore. I'm the audit director here at Ander CPA's, formerly Summit CPA Group, and I have Karen Hill with me audit manager.
And today we are going to talk about getting ready for your upcoming 401K plan audit. This is our next podcast episode on the 401k Audit CPA Success Show. So welcome, Karen, and welcome all our, our We felt like as we're recording this, it's getting to be early December here, and we thought that for those folks who may be preparing for their first 401k plan audit, it would be a good idea to talk about what should you be thinking about as you're heading into this new territory of doing a 401K plan audit that you've never done before.
So what it, what does it look like and what should I expect? What are some tips that I can use to make sure that the audit goes. So we're, we have done a lot of podcasts on various topics, so we're not gonna go in depth into a lot of these areas because some of these areas we've talked about before, and we'll try to highlight that as, as we kind of go through the, the discussion today.
But Karen, as I'm brand new, never had a 401k plan audit, I don't know what to expect. First off, probably I should find an auditor.
Karen Hill: Yes.
Kim Moore: Would be my guess?
Karen Hill: Yes. Yes. And there's a couple of ways that you. If you already have an auditor for other audits, you can ask them if they do 401k audits. Now this, they'll probably, some of 'em will, might be honest and say, no, we don't do that, but you can use this firm.
Some of 'em might say yes, and I not sure If they don't. I mean, ask them. You wanna ask some of the questions we've actually done this before is how you pick an auditor. There's some questions you'd wanna ask them, like, how many audits. Do you do a 401K plans to make sure that they actually do have the ability to do four 401k plan audit?
You also could Google 401k plan auditors and see who pops up.
Kim Moore: Yeah. That's how we get a lot of our clients is we find, and, and I hear when I talk to 'em that they didn't even know there was a requirement mm-hmm.ever Yes. To have a 401K plan audit. And they, they get surprised by their service provider that all of a sudden not only is there such a thing and they need one so that, and that's how they find us, is that they just Google 401k plan audit and they see our information out there on the web and.
And you know, they'll give us a call. If you are listening to this and that you're in that situation and you're like, well, how do I get ahold of you? Let me just throw out my email address. At this point here, it's the letter K, then m o o r e. At Anders with an S cpa. So that's K m o o r e at a n d e r s cpa.com.
Feel free if you happy to be listened to this and, and you'd like to talk about in more depth what we're talking about today, or you'd just like a quote for an upcoming audit. Happy to help. We also have on our website, we have a quoting tool so you can. Just put some information, answer some questions, and you can get a direct quote right off our website.
So that's another, another option if you're just new and getting into this. So yeah, absolutely. First thing you wanna do is is try and find an auditor line them up. As Karen mentioned, we have a specific podcast on how to select an auditor, all the different things that you should consider. So we're not gonna go into a lot of depth on that, but.
Once you have your auditor one of the, the first things that we suggest you talk to them about is audit timing because the audits will take a good bit of time. I always tell people a good rule of thumb is six weeks. Could be less time than that. It could be longer than that. It partly depends on your plan, how big it is how complex it is, the, the levels of transactions that occurred in your plan during the year.
And also if it's a first year audit, they usually take a little longer, as you can imagine. Also, depends on the information. We're gonna talk a little bit more about information gathering here in a minute. So you know, it, it's not a quick process. I get calls from people that this is a first audit and they say, can, can you do my audit tomorrow?
You know, well, I can start tomorrow, but I, I'm, I'm not gonna finish it in a day. That's, that's just not even possible. So you wanna make sure that you talk to your auditor about timing. Now, the way that these things work, they get filed with something called a Form 5500, which is an IRS document. That document is due.
Seven months after your plan year end. So if you're a calendar pioneer, your cal, your plan goes from January 1st to July or to December 31st. Your due date for the the original due date for the audit is gonna be the due date of the 5500, which is the end of July. So that's at seven months. You can get an extension and most service providers will file for an extension for you automatically. That gives you an additional two and a half months. So that takes you through August, September and then to October 15th. Again, if your calendar, you plan, if you're not calendar, you're kind of adjust your timing. So seven months and then into additional two and a half months. So it, it's, it's tough to get the audits done by that first due date, end of July. But it is definitely possible and even first year plans we have gotten done so that they can file mm-hmmby that end of July timeframe. But it takes a lot of coordination, a lot of planning a lot of staying on top of everything. So that's one of the first things you wanna talk to your auditor about is do you really wanna push to get it done before that deadline or are you okay going to the extension time period, those additional two and a half months?
Your auditor may not have availability to get it done early. You know, they have other audits that they need to do. They may be doing other audits besides 401k plan audits. So those are all discussions that, that you want to have with them to make sure that the auditor that you're gonna select is gonna be able to do the audit when you need it and that they're gonna be able to fit you in so that, that you won't be late.
You also at the same time wanna talk to your service provider and by service provider. That could be a TPA that could be a custodian, could be a record keeper. There's all different setups that, that you can use with your 401k plan. But I, I always think of, if you have a question about your 401k, who do you call that, that's your service provider.
You wanna talk to them because you may say, "Hey, it's February and I wanna get in, get this done. I want my audit done by the end of March." The reports that the auditor needs may not be available until April, May, or June, so that timing is not gonna work because your auditor cannot create those documents.
There's a lot of reasons for that. Audit centers wouldn't allow it, but they can't audit something that doesn't exist. So, as you're doing this timing discussion, you wanna check with your service provider, make sure that the information the auditor is going to need is gonna be available for the timing that you're selecting.
And the last thing you want is an out of sync audit that you're planning to do it early, the documents won't be ready, by the time the documents are ready. Now your auditors moved on to other audits, and so now you're gonna have to file late. And that, that happens a lot.
Karen Hill: Mm-hmm.
Kim Moore: So definitely something you, you want to, to check into and make sure that timing is going to be good and everybody's on the same page.
We're all planning to get things done at the same time. A lot of service providers will appreciate knowing when the auditor's gonna be working on the audit as well, so that they can kind of coordinate. As you can imagine, they're doing this year end work for a whole lot of plans. And if they know your auditor's gonna start early, they don't wanna put you at the back of the pack, they wanna move you up front and vice versa.
So It helps everybody to have that discussion. So, Karen, I, I've picked my auditor.
Karen Hill: Mm-hmm.
Kim Moore: I've decided on my timing. So what happens next?
Karen Hill: Well, you should start gathering your plan documents that you're, and the year end documents that you're, you, yourself, are gonna need to provide to the auditor. This includes the plan documents, and when we talk, we talk about plan documents. We mean the summary plan description, the basic plan document, the adoption agreement, and then the opinion letter. So.
Kim Moore: From the IRS.
Karen Hill: From the, yes, from the IRS. So those things should, should be gathered. If you've had any amendments, make sure that you include those in the plan documents because the auditor will need to see all the amendments, including any that have occurred since year end Now, right now that it's the end of the year.
But if you're gathering your, you, you made an amendment that was effective January 1st, you wanna make sure that that's included. Even that, cuz that's gonna have to be, the auditor needs to know that because that needs to be disclosed, that there was an amendment after year end. You want to gather a planned census, and this usually is the same report that's provided to your record keep in order to run the discrimination testing, which is another thing that you wanna gather and give to your auditor.
That discrimination testing usually is performed in January, February, because if you fail any of the testing, those refunds need to be made to the participants by March 15th. So this is something that's usually done very early, but the plan census, it'll include things like the hire date birth dates, termination dates, the compensation, deferrals, match.
All that kind of information, and it's given to the record keep so they can run the discrimination testing. But we also, as auditors, we will also use that in our testing as well. You want to gather your payroll year end report. The master control report is, is I think's usually what it's called, but whatever report is that summarizes all the activity for the payroll. For the entire year.
Kim Moore: Mm-hmm.Per Per employee.
Per employee, yes.
Kim Moore: We, we wanna definitely not just see a total, I mean we need the total page.
Mm-hmm.
Kim Moore: But we also will need to see detail by participant or employee
Yes.
Kim Moore: Even if they're not in the plan.
Yes.
Kim Moore: The census and payroll stuff, it gets a little confusing because people think, well, you only need it for the people that are in the plan. And that's not true.
No.
Kim Moore: You need it for your entire company. And if you have multiple components to your company, you know, maybe different subsidiaries. If it's all together in one report, that's fine. If it's, you know, I run it by plant or by location, we're gonna need to see it either all together combined or those separate individual reports.
So I. Yeah, so we wanna, we wanna gather up all that stuff. I also put in my notes plan report. So if your service provider some of them, especially if you have a, an actual tpa, a third party administrator, they'll give you a valuation report or a year end kind of packet of information. And that usually will have multiple components to it.
It might have the discrimination testing and it might have some financial statements. I'd have a participant detail. They, they vary. Depends on what that particular TPA feels is important for you to have. So if you already have those, gather them up, get them ready, because definitely those are all things your auditor's gonna need.
Now, some of what Karen talked about, so things like those planned documents and, and we mentioned an IRS opinion letter, you may be saying, I don't, I never went to the IRS. I don't know what you're talking about. That usually will come from whoever designed your plan. So that might have come from an attorney, that might have come from your service provider.
If you are using one of the big national providers like a John Hancock, an adp, a Fidelity, those groups went and got that opinion letter from the IRS. So you, they may have given it to you, you didn't know what it was, and you may have it you may never have gotten a copy. So Don't, you know, don't feel like you should have all this stuff sitting all together in a nice little package you can give to your auditor.
You're gonna probably have to go out and gather that information. Mm-hmm. . That's why we're, have, we put this on the list is usually for first time audits, you know, we start with those planned documents that Karen mentioned and you may not have copies of those. Well, you should, number one, as your fiduciary duty, you should be keeping copies of those because you should be administering the plan according to those plan documents.
But our experience shows that most people don't have those, so you're gonna go, need to get them, and that does take time. That's gonna slow down your audit. So get started as early as you can with those documents that, that we talked about. One of the next things that's gonna happen is that the auditor is going to wanna work with staff in your company.
Another I dunno, kinda misunderstanding that I get from a lot of people when they call me and say, Hey, I need an audit. Can you get it done tomorrow? But also I'm, I use Fidelity as my service provider, as an example, so I'll hook you up with Fidelity and then you can do the audit. I'm done. Basically, I'm just gonna wait for you to finish the audit.
Give me the report. Well, yes, we like to get access with the service provider and get on their website and pull the documents. And a lot of them have very nice websites. Fidelity's a good example, but that will not complete our audit. We are going to need information from you, your company, and other individuals in your company.
So one of the things that we suggest you do early and maybe in conjunction with your auditor, if this is your first time through, talk about who in your company needs to be involved in the audit. Definitely whoever is the plan administrator and the plan trustee for the, for the plan need to be involved, but in a bigger entity or maybe if you have spread out organizations, you may need to talk about. Folks from HR, folks from payroll, maybe folks from your financial area. If the payments and the contributions are running through the finance area. If they're paying bills for the, for the plan, then definitely a finance area might need to be involved.
You, if you have a very spread out organizations. So maybe payroll is being run at each plant level or each location of the organization and they're different folks running payroll. You wanna get those, all of those folks involved because more than likely, the testing's gonna involve all of those different payroll segments.
So you wanna talk about that. Make sure that you've got a good list of who's gonna be involved. Make sure they're available. Again, this goes to our scheduling. You don't wanna schedule, I want this audit done in April. Oh, and three of those six people I need are on vacation. Then, you know, that's spring break.
They're all gonna be gone. That's gonna be a problem getting the audit done. So figure out who needs to be involved. Make sure they're available, you know, put them. On notice that here we're gonna be doing this audit, gonna need your help, they're probably gonna need to pull documents. So it's more than just one meeting that's gonna take a half an hour.
This is gonna take some time. So make sure that their availability This is new to you, or maybe you have some new staff. Maybe you've been doing audits before, but you have some new staff. Then you might wanna do a little mini training session and talk about the different segments of the audit. Or when you're doing your opening meeting with your auditor, if this is your first audit, ask them to walk you through the audit timeline.
You know, and when do I need to be involved? Who needs to be involved? When do you need. That way you can make sure that you're pulling the right people in at the right times. Usually the auditors will have an opening scheduling. They may call it different things, but at first meeting with you at the beginning of the audit the more of those folks you can get at that meeting, the better because they can handle a lot of component, pieces of the audit inquiries they need to do all at once with everybody there. And they also can, can learn information about your plan and you know, what, what's happened with your plan during the last year. So corralling that group of people is really important. And we have a lot of first time audits.
They don't do that. And it just ends up delaying things. Takes a lot longer. Also we like to say at this time it's a good time to look at the access level, so, Who has access at the plan level who has access for payroll and who's going to need access for the audit? So the auditor may need access.
And so which ones of these areas are you gonna give them access to? What level of access? While you're doing all of that, it's a good time to just do a thorough review of who already has access within your company. Does that need adjusted? Did Susie leave last month and you forgot to remove her access?
Good time to do that. We have a separate podcast on cybersecurity. That's a good thing to check out cuz that's, that's a high risk area. Yes. We always like to throw that in whenever we can because that could be a huge risk to your plan. So Karen, one of the first things that you're gonna do once you found the auditor, you've set the time, you're kind of getting ready to go, they're gonna do something called an engagement letter.
Karen Hill: Yes. You will receive an engagement letter from your auditor, and this will go over various aspects. It's sort of like a, it's contract basically, and it should include the fee structure for the audit. If somebody is coming, if the auditor is coming on site, it should go over if there's gonna be any kind of miscellaneous expenses on top of the fee that you'll need to pay for, like for travel reimbursement for travel and that, that sort of thing.
So it'll have all those details in there. You wanna review the engagement letter so you have an understanding of. What the basis basics of the contract is. And for, like, for us, we do a flat fee. We're remote. You don't have all those miscellaneous expenses in there. But, you know, other different audit firms might have an hourly rate.
They might say if we, there might be something in there that if they find certain errors that you might be billed more for that. So you want to have an understanding of what all that entails. So you wanna review it, then you need to sign it and return it, because they're really not supposed to start the audit if they don't have that returned.
And usually there, you know, there could be sticklers on that. You want anything that you read in there that you don't understand, you wanna go ahead and get back with your auditor and ask them about it. Make sure you understand what type of audit is being performed. There is a, and I'm gonna have to actually read this cuz it still is not coming to my head easily 1 0 3, a three C, which used to be called a limited scope.
Basically what that means is that, We, your custodian is able to certify the investments and the investment income, so we have reduced procedures surrounding the investments in the investment income or. If they can't certify, then you'll have a non 1 0 3, A three C. So you wanna make sure that you understand that the right audit is in the engagement letter.
The, because , the 1 0 3, A three C audit is going to be less, it's gonna cost you less since there's fewer procedures. So if you're able to have that, then you wanna make sure. But you have to, you know, if you're not sure if your custodian can certify, discuss that with your custodian.
You could ask your auditor if they know, you know, what type, you know, is this the type of institution that usually can certify and get that resolved?
Kim Moore: And we have a podcast on this topic.
Karen Hill: We do have a to podcast on this topic.
Kim Moore: We have at least one, maybe two different podcasts. If, if you're 1 0 3, what are they talking about?
What is that London scope? But I don't understand that. Again, if it's your first time, that may be confusing as well. So, go, I, I'd urge you to go back and look at those podcasts for more details in that area.
Karen Hill: Right, right. They may put the timeline in the engagement letter, so you wanna review that timeline.
If, if they don't put it in there. I mean, engagement letters can vary. But if they put it in there, you wanna review the timeline, make sure that, that you know, that everything, that you can do it during that time. Or if not, even if they don't put it in there, that's something that you wanna review.
Just make sure that you have a good understanding of when they're gonna perform the audit. If they're gonna come out to your company, make sure that there's space for them and that everyone will be available at that time when they're, when they're out doing the audit. You wanna, if this is a recurring audit, you wanna discuss any changes that may have occurred since the last audit. Whether there's changes in the company, whether you've had amendments, maybe you've had a restatement. We've seen that. We saw that a lot with the 2021 audits. Not that it didn't occur in 2021, but a lot of our subsequent events were that there was a cycle at something called a cycle three restatement.
So if your plan's been restated, you wanna make sure that they know that and that they have the updated documents. If there's any changes in personnel, Make sure that they know that, that they're, you know, Susie left the company and now you're gonna deal with Mary. And and if there's any changes in service providers, that is, that can be a big, I don't wanna say it's a big, it is a big deal, but it adds additional procedures.
It makes the audit a little bit more difficult. Especially if it's the record keeper. There's additional issues if it's payroll, but, that's, yes.
Kim Moore: Especially if it directly impacts the plan.
Karen Hill: Right.
Kim Moore: And it could change the fee as well.
Karen Hill: Yes.
Kim Moore: Most, most folks will charge a little more if, if you're making those changes. So.
Karen Hill: Yeah.
Kim Moore: I think a good, just a good caveat when you're having those discussions with your auditor and even before the engagement letter is better than after, but certainly even after anything. Is a change or was something unusual? Mm-hmm.Something that someone pointed out to you a long way. Any of those things, and, and I know it's hard cuz an audit is after the fact.
So the year has already happened. Whatever happened happened and it's probably forgotten about it. But if you can make notes as you go along throughout the year, and then remember to talk to your audit about that, it's gonna save you a lot of time. Right. Because the auditor, more than likely, will find those things Yes.
But they're not gonna be expecting them. And then that's gonna cost questions for you. And Yes. We, we get that a lot. And they say, oh yeah, yeah. Oh yeah. Mid-year we changed. And it's like, well, why did you not tell me that?
Karen Hill: And it, and it could be something in your procedures, like you-
Kim Moore: Mm-hmm.
Karen Hill: You used to always have them fill out for distributions.
They would fill out a form and bring it to you and you would sign off on it, and then it would be sent into their TPA, and then the distribution would be processed that way. Maybe midyear, you decided, oh, well they can do it online and we'll have it done. That If something like that changes, you need to let your auditor know.
Kim Moore: Right. Yeah. Cause that could be a big delay. We're sitting here waiting for forms that don't exist because now it's done online. Right? So. Right. So yeah, you definitely want to to follow up and try to remember and go through those as quickly as you can. Once you've signed the engagement letter, the audit gets started.
The auditor will give you something called the PBC list, and that's gonna be a list of documents items, questions. Could be a variety of different things that they need to get the audit going. And they, that can happen in a variety of ways. They may give you a, a manual listing, you know, like a piece of paper.
They might email you a listing and while they're physically at your location, they're expecting you to have gathered up that information and have it sitting in the conference room waiting for them. They may expect you to give them some information ahead of time. They may wanna get some information later.
We use a tool currently called Smartsheet here at Summit that we gather the information electronically online from you. That's a tool that's available 24 7 and is a real time tool. But that's how we do it. It's, the process is pretty similar. The mechanics of it can be a little bit different, but.
That's key to the audit. Documentation, information is what drives any audit. So if you're not sure what this is, and again, we've had other podcasts where we've talked more specifically about the kinds of things that you're gonna request in the audit and in more detail. So go check those out if, if you need to.
But the key here is that your auditor's gonna need a whole boatload of information throughout the audit. It's not just one or two things. It's usually around 200 items if you add up everything and you kinda each sample as an individual. So there's a lot of information. Some of it will come from you, some of it will come from your service provider, some of it's gonna come from your payroll system, but you know, the auditor needs all of that.
So either you're gonna have to give them access or you're gonna have to go gather the documents yourself. They're gonna do some work that's gonna generate additional requests. So all in all, there's a lot of information. The key here is be quick. You know, don't, don't say, oh, they gave me that listing.
I'll look at that in a month. You know, that's delaying your audit at least a month, maybe, maybe longer, because your auditor may move on to something else and you're ready to go and now they're not. If you're unsure of something, ask the question.
Karen Hill: Mm-hmm.
Kim Moore: Don't, don't make assumptions. Don't say, well, you know, they ask for a W-2, but I bet I can give them a W-4 and that'll work. No, probably not. So if you're not sure what something is, you can't find something, you're saying, I don't think I have those readily available. Could I give you this instead? Ask.
Karen Hill: Mm-hmm.
Kim Moore: Don't, don't make assumptions. Don't just say, Hey, I'm just gonna give you this load of stuff. Dunno if that'll work or not, but, you know, I'm sure you can make it work.
Usually that will not work . So ask questions. Be prompt. You know, if, if you have a problem, get with your auditor. Don't wait for them to come back to you, because that's just gonna delay the whole process, and the process feeds on itself. So I'm gonna ask you for a bunch of documents. I'm gonna do some things that's gonna generate another list of requests.
Then you're gonna gimme those. Then that's gonna generate another list of requests and that it, it's just ongoing until they, the auditor gets through all the steps. So any delay or any set of wrong information delays that whole process is that much further. Follow up, communicate, ask questions. Those are all, all key.
The, the last portion of the audit then before the report is called testing. As I mentioned, those document request lists, they follow on each other. So don't assume that the auditor gave you a list of 20 things at the beginning of the audit, and that's gonna be the end. Unfortunately, no. Each request is probably gonna generate some more requests or questions.
I mean, the, the auditor may take what you gave them, look at it and say, Hey, I'm, I'm comparing report A to report B. They should match and they don't, and I need to figure out why. Or I was expecting a certain result. I got something else you need to help me understand. Is this an error or is this, maybe I just don't have all the information I need, or I misunderstood something.
So there's gonna be a lot of questions, a lot of additional requests. Again, documentation is the key. One of the areas that I really like to stress with people is status reporting.
Karen Hill: Mm-hmm.
Kim Moore: You know, you know your schedule. Do you like to have maybe a once a week meeting with the auditor to just face to face, let's meet, let's talk about where you are.
Are we ahead of schedule, behind schedule? Am I holding you up? Did the auditor have something that's now getting in the way of getting the, the audit done? Some people like that. Some people don't want a meeting. You know, we always ask upfront in our initial meeting, "What kind of status reporting do you want?
Do you want a weekly meeting? Would you prefer a weekly email? Would you like me to only email you when I'm either I'm missing something, I have a question I'm running behind." You know, there's various ways you can do status reporting. Some folks will have a dashboard. And you could just simply look at the dashboard and be able to tell where, where am I in terms of the audit and the timeline that we set at the beginning of the, of the audit.
So it just depends on your work preferences, your availability, your schedule, and also the auditors and what their preferences are. So again, those are some things definitely you wanna talk to your auditor about. Make sure you get that ironed out. So there's, you know, no one's waiting on the other party, right?
Everybody's keeping it moving.
Karen Hill: And it, it may, it, it may be different if, if it's a remote audit versus if they're on site. If they're on site, the updates are probably gonna be frequently, much more frequent because they're only working on your audit while they're out there. So it'd be very easy, say the end of the day that they come in and say, Hey, this is what I've accomplished today.
This is what we're still have left. You know, if it's a remote audit, your auditor may be working on a couple audits at the same time, so it probably would not be a daily update. But just if they're on site, it's just, it's much easier at that point for them to, to, to pop in. Of course they're also going to
It's much more likely that they're going to be interrupting things as well. So you mean there's, there's advantages to each type of audit ?
Kim Moore: Yeah, there def, there definitely is. I, there's a whole lot more. We could, we could go on all day here with you know, how to get started with your audit. I would encourage you to look back at some of our other podcasts if you need more information.
Karen Hill: Mm-hmm.
Kim Moore: Or again, my email letter, K m o o r e at Anders, a n d e r s cpa.com. Feel free to reach out to me if you have questions you'd like more. You have an idea for our future podcast or if you just you need an audit or you think you're gonna need one upcoming and you'd like to talk through that process and talk about pricing you know, timing, et cetera.
So with that, I think we're gonna wrap up today's podcast. Any final thoughts, Karen?
Karen Hill: Didn't really discuss about the, the closeout of the audit. Sometimes you, they might be a closing meeting if you have an audit. If the auditor found any internal control issues or problems they might wanna discuss that with you.
Hopefully they've discussed that along, along with the audit. But there, you know, if they, if they found some, they should receive a memo that goes over that sort of thing.
Kim Moore: Yeah. And feel free to ask for feedback if you don't get it.
Karen Hill: Yes.
Kim Moore: I mean, that is definitely within your purview to ask the auditor to give you comments on how things went, how could things go better...
Karen Hill: What kind of reports you're going to get...
Kim Moore: Improvements…
Karen Hill:...going to get, if you're gonna get an actual physical, paper report alongside pdf. They will provide you with a PDF though, because that's what needs to be attached to the Form 5500. But if you want a physical report along with that, you know you need to let them know.
Kim Moore: Right. Right. Well, I think that will wrap up our discussion for today as as I mentioned, thanks for listening and if you have any questions, don't hesitate to reach out via email and I'd be happy to help you with that.
But with that, we will wrap up this month's episode. Thank you again for listening.
Narrator: Enjoy this podcast? Visit our website@anderscpa.com slash 401k to get more tips and strategies for achieving 401k audit success. We're here to be a resource with ever-changing rules and regulations.