Must an Independent Qualified Public Accountant (IQPA) verify that elective deferrals are deposited by the deadline?
Rev. 03/18/04, E-mail Alert 2004-6

Yes. The Form 5500 instructions require that an IQPA verify the timely deposit of elective deferrals. The good news is that third party administrators won't be placed in an awkward situation. The bad news for plan sponsors is that even one late payment (even if the delay was reasonable) will now likely be reported on the 5500 by the IQPA.