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Explanations for the Top Ten Tips to Prepare for an Efficient Audit - Be Prepared to Identify Plan Errors

During the opening interview the agent will question the plan sponsor or representative to determine if there are errors that the plan sponsor has or has not corrected. Examples of questions would be:

  1. What errors have you found in the operation of the plan?

  2. How did you correct the errors?

  3. What documentation do you have related to identifying and correcting the errors?

During the audit, if operational errors are detected, the agent will determine whether the errors are significant. If an error is not significant, the agent may allow you to correct it without sanction. For other errors, the agent will discuss correction alternatives.

Page Last Reviewed or Updated: 09-Jan-2017