Exit Coach Radio

Host: Buck Blanton. Audio library: www.ExitCoachRadio.com.  John Howard discusses retirement plans, choosing audits, and how you can determine which process is right for your business. New content daily - tune in on iTunes! Transcript:  John: Typically, in these retirement plans, when you exceed 120 participants, then that first year when you receive 120, you are subject to an audit. You are considered a large plan at that point under the Department of Labor and the IRS standards, and you need to submit an audit. Now, the problem is the next step: Once you determine you need audit, is what type of audit, because there are different audits with retirement plans. There's what we call a limited scope audit, which and auditor does not need to do as much work as with a full scope audit, and the difference with those would be, if the plan assets are held by a financial institution such as a bank or an insurance company, they can certify that the plan assets are what they are, the transactions have been post