This article explains AuditMiner's Contribution Timeliness Workpaper
Purpose
The purpose of contribution timeliness is to test the number of business days for remittances of participant elective deferrals and loan repayments. AuditMiner provides a schedule of remittances obtained from the recordkeeper and calculates the days to remit based on the payroll date and date received by the plan. AuditMiner has excluded the observed bank holidays from the calculation of the days to remit. (AAG-EBP 5.241)
Schedule tab
At the bottom of the Schedule tab is the average and mode for the days to remit during the plan year to easily identify late deferrals. The mode is the value that is repeatedly occurring in each set.
The Payroll Date included on the Schedule tab is populated from the recordkeeper input report. Therefore, AuditMiner recommends that these dates be validated against a payroll calendar, check stub used in other audit procedures, or similar information. A Tickmark Legend has been included on the Notes tab to indicate the validation procedure performed by the auditor.
Delinquent Contributions
If a delinquent contribution is identified, Schedule H Line 4a – Schedule of Delinquent Participant Contributions is included in the workpaper for documentation. (AAG-EBP 2.149) This schedule will need to be populated by the auditor, after completion of auditor procedures.