{"id":74425,"date":"2020-05-10t11:00:54","date_gmt":"2020-05-10t15:00:54","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=74425"},"modified":"2020-06-18t10:08:43","modified_gmt":"2020-06-18t14:08:43","slug":"how-to-audit-401ks","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/05\/10\/how-to-audit-401ks\/","title":{"rendered":"how to audit 401(k)s"},"content":{"rendered":"

\"green<\/a>… and keep the process from lasting forever.
\n<\/strong><\/p>\n

by jody grunden<\/i><\/p>\n

as with any service area, it\u2019s important to have a solid process in place. without one, it can be a little bit like the wild west! the 401(k) audit process involves six stages, which are typically completed within four to eight weeks.<\/p>\n

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once a prospective client confirms they want summit to complete their audit, we send them the engagement letter and the questionnaires along with the governance planning memo that we\u2019re required to give them.
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\nthis is also the point where we begin the payment requesting process. we request 50 percent of the payment before the audit begins, and the remaining half is paid after the audit is complete. we need to receive either the engagement letter back or the first payment in order for the engagement to begin, as those are our indicator that we are officially being hired to complete the audit.<\/p>\n

stage 1<\/strong><\/p>\n

next, we conduct a kick-off call with the client. if they are a returning client, we want to discuss any changes to the plan or anything else that might have changed. we\u2019ll also let the client know if anything has changed on our end. if they are a new client, we will talk through the process and let them know the list of items we will need from them.<\/p>\n

we then create a collaborative spreadsheet for the client to keep track of the audit progress and all of the items needed, including:<\/p>\n