Contributed 2/99 by Ernesto Nunez <enunez@bppr.com>

EQUITY ONE INC. 401-K PLAN
AUDIT PROGRAM

GENERAL:

1. Evaluate the adequacy of the internal controls environment of:
     a. the Plan Sponsor,
     b. the Record Keeper,
     c. the Trustee, and
     d. the Investment Agency.

2. Ascertain that the Plan Sponsor  maintains copies of Plan documents and amendments,
     contracts and agreements, and the determination letter.


3. Ascertain that the Plan meets its formal requirements of;  
    a. being in writing,
    b. communicating to employees,
    c. being held in trust,
    d. defining the allocation, formula, and being for deferral of compensation, and
    e. defining the maximum contribution.


4. Verify that the report 5500 is prepared and filed accurately and timely.


5. Ascertain that the key employees and parties of interest are clearly identified.


6. Determine if the plan is Top Heavy and/or Super Top Heavy and if a participant goes
    over the maximum contribution allowed.


7. Ascertain that adequate segregation of duties exist among employees performing functions 
    related to the Plan.


8. Ascertain participant data is properly recorded and on a timely basis.

9. Ascertain that participant data is controlled to prevent unauthorized changes or additions.

10. Ascertain that administrative expenses are recorded for the appropriate amount and in the 
      appropriate time period.


11. Perform the following on participant request for changes:
       a. A change I form allows employees to change personal information and/or
            investments of their choice.
        b. A change II Form allows employees to transfer funds from one fund to another.
        c. Verify  that the personnel department has authorized all personal data changes
             before forwarding it to the Record Keeper.
        d. Verify that all transfers between funds were properly reviewed and authorized
             within Plan's provision/limitation regarding timing and number of transfers allowed.

12. Ascertain that the total participants receiving benefits reconciles to the total employees 
       per Payroll Register.