Deficient or no audit documentation for key areas of interest including participant eligibility, investment allocations, benefit payments, employee and employer contributions, forfeitures and timeliness of remittance of employee contribution.
Misinterpretation of limited scope audit exception
Failure to identify prohibited transactions
Failure to provide required supplemental schedules
Lack of quality internal review
Lack of technical training and knowledge
Not fully understanding the plan terms
Relying too heavily on service auditor’s reports
Improper audit planning