401k Audit Services - This area of specialization within our firm is led by Ben Woodall who previously served as the senior team leader for EBP (Employee Benefit Plan) audits in a large regional firm.
401(k) plans are subject to constantly changing rules and regulations that are issued by the IRS, DOL, ERISA, and the Social Security Administration. These audits are complicated and require experienced practitioners to perform. We help guide you through the process and keep you informed every step of the way. We work to keep you in compliance with all regulations and complete the work timely and efficiently.
We offer the following:
We also provide these same audit services for 403(b) plans for nonprofit organizations.
Do I Need a 401k Audit?
An annual Audit of a 401k Plan is required to be performed by a qualified Third Party CPA firm when certain conditions are met, primarily when total eligible participants reach 100 and the plan is determined to be a "large" plan.
A Large Plan is an employee benefit plan (profit sharing, 401 (k), money purchase, etc.) that has more than 100 eligible participants at the beginning of the Plan year.
A participant is defined as follows:
If the Plan is considered a Large Plan, it must file Schedule H of form 5500 and have the Plan audited by a qualified independent public accountant. If the Plan has under 100 participants at the beginning of the Plan year, it will file Form 5500-SF (Short Form) and avoid the requirement for an audit. If the Plan is a new Plan, then you must determine the number of participants as of the first day participants were eligible to participate in the Plan.