Learn the various types of audits for a retirement plan and how to respond to an audit when necessary.

Third-party administrators (TPAs) of retirement plans often market their services by describing them as "turn-key." Sponsors are therefore led to believe that they can purchase a retirement plan, enroll their eligible employees, and leave the remaining obligations of plan administration to the TPA and asset custodian. The reality is, however, that the tax and fiduciary requirements of retirement plan operation cannot be delegated completely away. When errors arise, it is, inevitably, the plan sponsor that must conduct due diligence, respond to a plan audit, correct any operational or other plan errors, and pay any required sanction or excise tax that is imposed because errors have occurred. Learn about the various types of audits that are required to be conducted internally or which may be opened in connection with plan administration. You will be given tools that will allow you to efficiently respond to an audit, whether initiated internally or externally. The information will teach those areas in which plan operational failures most often occur and demonstrate how internal controls will prevent the failures or allow them to be corrected before formal submission to the DOL or IRS is required. Finally, you will come away with tools that assist you in response to and management of government agency audits.