Audits of 403(b) Plans: A Challenging New Audit Area

The audit of the 403(b) plan will be a new growth area for the benefit plan auditor. Learn the similarities and differences between the audit of a 403(b) plan in comparison to that more familiar vehicle – the 401(k) plan. Build on what you already know about auditing benefit plans. Gain a background on the tax rules applicable to a 403(b) plan and develop a better understanding of how these plans are different and how the audit procedures must be modified. Focus on the open issues created by the first-time audit of a benefit plan that may have been in existence for nearly 50 years and whose investments have been managed more like individual retirement accounts than qualified plan trust accounts.

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