Pub. 6 2015 Issue 4

winter 2015 25 West Virginia Banker institutions should monitor this growth and assess your employee benefit plan audit requirement on a yearly basis. The following decision tree excerpted from the AICPA Employee Benefit Plan Audit & Accounting Guide may help in this determination process. PENSION AUDIT PLAN DECISION TREE Conditions generally requiring an audit of a pension plan financial statement and the required supplementary schedules 5500 – Schedule H 5500 – Schedule I Susan Barber, CPA is a Partner at Arnett Carbis Toothman LLP. Mrs. Barber is a Partner in the Financial Institution Service Group as well as the Coordinator for the Employee Benefit Plan Practice Mrs. Barber has over eighteen years’ experience in the financial institutions industry and employee benefit plan practice. Mrs. Barber can be contacted at 800-642-3601 or susan.barber@actcpas.com. Administrator should file Form 5500 – Schedule I which does not require an audit report Administrator must file Form 5500 – Schedule H which requires an audit report Administrator must file Form 5500 – Schedule H which requires an audit report Administrator should file Form 5500 – Schedule I which does not require an audit report Administrator has a choice of forms they can file <100 participants > 100 participants <100 participants 100 to 120 participants >120 participants How many participants does the Plan have at the beginning of the year? How many participants does the Plan have at the beginning of the year? If plan is covered under Title I of ERISA, what Annual Report form did the Administrator file for the Plan last year? Administrator can elect to file Form 550 – Schedule I (same form as prior year) which does not require an audit report Administrator can elect to file Form 5500 – Schedule H which requires an audit report PE S DIT PLAN DECISION TREE Conditions generally requiring an audit of a pension plan financial statement and the required supplementary schedules