Recordkeepers / Fidelity

Fidelity and your plan audit

Fidelity publishes 6 of the ten things an auditor needs to know. One more is still being checked against Fidelity’s own material and is left off this page until then. The rest are below as questions to put to them, with why each one matters.

Also known as Fidelity Workplace Investing. Nothing here is inferred. A row either quotes Fidelity’s own material or says that it does not exist.

Source read: 2026-10-01

Maintained by the audit team at Ledgerline. Vendor neutral by policy: we never rank or recommend ourselves here, including on this page.

What we know, and what to ask

6 confirmed, 3 open, 1 in review · reviewed September 2026
Certification
Arrives automatically"If FMTC served as the trustee of a qualified retirement plan, or the custodian for a 403(b) plan, and the plan assets were recordkept by Fidelity Workplace Services, FMTC will issue a Trustee or Custodian Certification Statement." The standard PYES Reports package "includes the following: ... Trustee Certification Statement, or Custodian Certification Statement (for 403(b) Plans)"Auditor's Guide (2025 plan year), pp. 22, 24 · read 2026-10-01
Certifying entityFidelity Management Trust Company: "a Massachusetts-chartered trust company regulated, supervised and subject to periodic examinations by a state agency." "it is signed by an authorized signer on behalf of FMTC."Auditor's Guide (2025 plan year), p. 22 · read 2026-10-01
What it covers"The FMTC certification statement verifies both the accuracy and completeness of the contents of the Plan Year End Summary Reports (PYES) for the period FMTC was trustee (or custodian for 403(b) plans)." The certified reports are the Summary of Net Trust Assets / Summary of Net Assets for 403(b) plans, Summary of Plan Operations, 5500 Worksheet, Brokeragelink Asset Detail Report and Year-End Trial Balance. Loans: "Yes, participant loans reported on the Trial Balance, Summary of Plan Operations, Summary of Net Trust Assets and 5500 Worksheet are covered by the certification." Brokerage: "Yes, the FMTC certification letter does certify the self-directed brokerage accounts."Caveat: "FMTC may or may not be the custodian of the assets for a type of plan investment option depending on the investment and arrangement" (the guide points to its Section 6.1.28 for a breakdown by investment type).Auditor's Guide (2025 plan year), pp. 22, 23, 24 · read 2026-10-01
SOC 1 report
How to requestIncluded in the standard PYES Reports package: "SOC 1 Report (See Section 3.)"Auditor's Guide (2025 plan year), p. 24 · read 2026-10-01
Coverage periodNot published by Fidelity. Ask them:Ask what period the current report covers, and confirm it is a Type 2. A Type 1 describes controls at a point in time and gives an auditor nothing to rely on.Why this matters
Auditor access
Granting access"For an auditor to receive access to PSW®, a plan sponsor's authorized user must assign access." The manual route is the "PSW® Auditor Access Form" in the "General Audit Documents" tab, attached to a PSW® General Service Request "submitted by the plan sponsor." "Fidelity's Audit Support Team cannot update PSW® access requests and is unable to answer questions regarding access."Auditor's Guide (2025 plan year), p. 7 · read 2026-10-01
Document transfer"Fidelity will publish all reports for clients and auditors through PSW® on the 'Administer Plans' > 'Plan Year End Summary Reports' page." "Audit Packages cannot be emailed to auditors." The Audit Support Helpline "is available Monday through Friday, from 8 AM – 6PM, ET" once the sponsor has authorized it.Auditor's Guide (2025 plan year), pp. 6, 7 · read 2026-10-01
Engagement timing
Package release windowNot published by Fidelity. Ask them:Ask when the audit package is released and whether there is a fixed window. This is the constraint that decides your fieldwork calendar, and you do not control it.Why this matters
Audit firms namedNot published by Fidelity. Ask them:Ask whether they keep a list of firms their clients have used. Most will not recommend one, but many will say who turns up, which is a useful signal when you have no other.Why this matters

If you work at Fidelity

3 of the ten rows on this page are blank because we could not find the answer published anywhere. If you can confirm them, they go in, and we send the draft before it publishes.

corrections@401kaudithelp.com

The same question across every recordkeeper

This page is one recordkeeper across every topic. The reference tables are one topic across every recordkeeper, which is the more useful cut when you are the auditor rather than the sponsor.

Certification directoryWho certifies, what it covers, and when the package is released.SOC 1 request pathsWhere to ask, what period it covers, and whether a bridge letter is issued.Granting auditor accessRead access without an administrator login, and how files should move.What an auditor asks forThe seventeen recurring requests, and which of four organisations holds each.