Employers with 100 or more employees who are eligible to participate at the beginning of a year are required to have their plan audited.
If required to be audited, the employer must find an independent, qualified auditor to perform the audit.
The regulatory deadline to complete the audit is July 31st, which can be extended to October 15th.
All aspects of the plan will be tested to be sure operations are in compliance with the plan documents and laws and regulations.
Once the audit is completed, it must be attached to the Form 5500 for filing with the Department of Labor.