What it is
A large plan files Form 5500 with Schedule H and attaches the independent qualified public accountant’s report. Before the report is released, the audited statements and the filing should agree. This workbook ties the statement of net assets and the statement of changes in net assets to Schedule H line by line, with space for the Schedule H line reference and an explanation of each difference.
A third tab ties other Form 5500 data to the audit file: participant counts, benefit payments to Forms 1099-R, loans, late contributions, the schedule of assets held at year end, employer contributions and plan expenses. Net asset and rollforward checks show zero when the two sources agree.
When to use it
- Before releasing the report on a plan’s financial statements.
- Reviewing the plan administrator’s draft Form 5500 against the audited statements.
- Explaining differences between GAAP presentation and Form 5500 reporting.
What’s inside
- Net assets available for benefits: statements versus Schedule H with differences
- Changes in net assets with additions, deductions and ending balance checks
- Other tie-outs: participants, benefits, loans, late contributions, schedule of assets, expenses
- Consistency questions on late contribution reporting and report type
Standard cited
This template follows ERISA 103 / Form 5500. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
Who files the Form 5500?
The plan administrator files it, normally electronically through EFAST2. The accountant’s report is attached to the filing. This workbook helps the auditor confirm the filing agrees with the audited statements; it does not prepare the form.
Why might Schedule H differ from the financial statements?
Form 5500 follows DOL reporting instructions that differ from GAAP in some respects. Record each difference and its cause in the explanation column. A difference in total net assets should be resolved before the report is released.
Does a late contribution have to be reported?
Late participant contributions are reported on Form 5500, and the amount should agree with the contribution testing. The Other Tie-outs tab includes that check.
Related templates
- Employee Benefit Plan Audit Planning Memo (ERISA)
- Contributions and Remittance Testing Workpaper (Retirement Plan)
- Summary of Uncorrected Misstatements (AU-C 450)
Last updated 11/05/2026. All free templates.