It starts with a description of the various types of pension plans.
Simplified Employee Pension (SEP) Plan
Simple IRA Plan
Profit share plan
Defined Benefit Plan
The traditional 401(k) Plan
Safe Harbor 401(k) Plan
The clip goes into details of every plan. In addition, it provides information about the individuals needed to run a 401(k) strategy. This includes a plan administrator, record keeper, trustee custodian, trustee, and administrator.
A full scope audit states that the entire plan is subject to an audit. The opinion of the independent auditor appears on the plan’s financial statement.
An audit with a limited scope states that investment information certified and prepared by a trust or bank business isn’t subject to audits. In addition, no opinion can be given on the plan’s accounts by the auditor.
The video also explains is the description of the summary plan for auditing 401(k) plans because it’s crucial that you understand this plan. ch17k4dx85.