The IRS requires that an independent qualified public accountant's opinion/audit report must be attached to the Form 5500 filing for plans with 100 or more eligible participants. The number of eligible participants is determined as of the first day of the Plan year. If the number of eligible participants increases to 100 or more from one year to the next, an accountant's opinion would generally have to accompany the Form 5500 filing. However, there is an exception to this rule. The filer may continue to file in the same manner as the previous year provided that at the beginning of the current Plan year, the Plan had at least 80 participants, but not more than 120. Once beginning of the year participants is greater than 120, an amount is required without exception.

It is the client's responsibility to obtain the services of an accounting firm to render this opinion. Kinol Sharie Leyh & Associates will work directly with the accounting firm to provide any information necessary to complete the audit.