Does your retirement plan need an audit?

Is your 401k or 403b plan going to need an audit this year? The rules are a little goofy to explain. Only plans that the IRS considers to be "large" plans need to submit an independent auditor's report along with their Form 5500 filing. "Large" means 100 or more participants BUT there's the 80/120 Rule that says if the year prior you filed on the Short Form 5500 and you have under 120 participants, then you DON'T have to have an audit. Here's the DOL's Audit FAQs: http://www.dol.gov/ebsa/faqs/faq_auditwaiver.html