Since the auditing changes regarding 403(b) plans changed in 2009, it is essential for plan sponsors to know what to look for when selecting an independent auditor for their retirement plan. Once you understand whether or not your retirement plan requires an audit and what type of audit is most appropriate for your situation, it’s time to find an auditing firm that meets your needs. It’s important to select a trustworthy and experienced audit firm.
Previously, we’ve discussed when a plan sponsor may seek the guidance of a retirement plan consultant and what services consultants can offer. When you’ve decided to seek assistance from a consultant, the next focus should be finding an appropriate consultant that can provide the specific services you need. The search for a retirement plan consultant shouldn’t be rushed. There are thousands of consultants and many offer unique or varying levels of service. These guidelines are designed to help clarify the process and what to look for when selecting a plan consultant.