Tuesday, June 28, 2016

Support for large plans requiring an audit

Are you aware that Vanguard provides comprehensive audit support for large plans that require an annual audit of their financial statements?

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.