Typically, plans with 100 or more participants require an
audit. We’ll prepare and deliver a complete audit package—also known as the
Plan Year-End Summary—containing information your auditor can use to
successfully execute a plan audit, including the following:
- Basic plan- and participant-level activity reporting
- A copy of the annual SSAE16 report from Ascensus’ auditors
- Asset categorization guidance for Topic 820 (formerly FAS-157) purposes
- Trust reporting and the annual SSAE16 audit report for Ascensus Trust (if employers contract with Ascensus/Frontier Trust for trust services)
- Plan-level notes to ensure auditors have an explanation for any unusual activity in the plan
- FAQs that explain our reporting methodology in detail
- Distribution and loan reports
Ascensus will automatically prepare the audit package for
plans required to use the Form 5500 Large. The audit package may also be
created upon request for other plans. It’s delivered via a secure website in
order to ensure that auditors can get a “clean copy” whenever they need one.
To ensure that this package contains all of the information that
your auditor needs, Ascensus regularly solicits feedback on what should be
included from auditing firms, clients, and institutional partners. This helps
to facilitate a smooth audit process and minimizes the need for additional back
and forth.
Should any questions arise, your Vanguard Retirement Plan Access Client Service
Team is available to provide further assistance at any point.
Team is available to provide further assistance at any point.
