• Qualified opinion — The IQPA concludes that misstatements are material but not pervasive, or the IQPA cannot obtain enough appropriate audit evidence on which to base an opinion. • Disclaimer opinion — The IQPA cannot obtain enough evidence on which to base an opinion and concludes that the possible effects of undetected misstatements, if any, could be material and pervasive. • Adverse opinion — The IQPA has obtained sufficient audit evidence and concludes that misstatements are both material and pervasive. Obviously, any less-than-favorable opinion may raise a red flag with the DOL. Plan sponsors will want to work with their auditor to address any concerns raised by the IQPA before submitting the audit with Form 5500. The Value of a 3(16) Fiduciary Audits require a significant amount of time and input from employers who already have ongoing day-to-day job responsibilities. Audits are also very specific and time-sensitive. For many plan sponsors, the information discussed and requested can be overwhelming. Fortunately, with Pentegra’s audit support services, annual retirement plan audits don’t have to be an anxious process for plan sponsors. As a 3(16) fiduciary, Pentegra works directly with the independent plan auditor. The plan’s account manager becomes the dedicated contact for the auditor, responding to questions and providing any requested materials to the auditor. At Pentegra, we recognize how time‑consuming and stressful annual audits can be. We know because we’ve walked thousands of clients through this process as a fiduciary. And while audits are never fun, Pentegra can take the mystery — and most of the pain — out of the audit process. If you would like to continue the conversation with Pentegra, please contact John Schafer, VP, national leader, Financial Institutions Channel, at john.schafer@pentegra.com or (317) 506-6875. Working with an experienced 3(16) fiduciary can help reduce stress and make for a smoother audit process. 23 West Virginia Banker
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