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Retirement Plan Audit Services

Our Experienced Team

Our firm has developed an experienced team of accounting professionals who regularly conduct audits of defined contribution retirement plans, including 401(k) plans. Our team has many years of experience in auditing plans including those with Qualified Non-Employee Contributions (QNEC), profit sharing contributions, employee deferral only and those with various formulas for employer match.

Our firm is able to meet the challenges of performing quality audits in this unique and complex area. We have the knowledge of the specialized nature of the industry and the skills necessary to perform plan audits in sync with the stated goal of ERISA and DOL to protect plan participants.

What an Audit Includes

A financial statement audit provides an independent, third-party report to participants, plan management, the DOL and other interested parties that indicates whether the plan's financial statements provide reliable informatino to assess the plan's present and future ability to pay benefits. It helps protectthe financial integrity of the employee benefit plan which helps users determine whether the necessary funds will be available to pay retirement, and other promised benefits, to participants.

The audit also may help plan management improve and streamline plan operations by evaluating the strength of the plan's internal control over financial reporting and identifying control weaknesses or plan operational errors. And the audit helps the plan administrator carry out its legal responsibility to file a complete and accurate Form 5500 for the plan with the DOL.

As part of the audit, we test the following aspects of plan operations:

  • Participant eligibility
  • Participant and employer contributions
  • Timeless of deposits to the plan
  • Appropriateness of distributions
  • Documentation of participant loans
  • Documentation of participant data

We’ll provide specific feedback to you as to any opportunities to strengthen controls, streamline operations or avoid operational issues known to be issues with regulators as part of our work.

Our Team is Independent

Our team takes care to ensure that it is independent with respect to your Plan. We don’t provide administration services, consulting, or investment advisory services. Instead, we partner with other firms to provide these services so we can maintain our independence. Our independence gives us the objectivity to help your plan fiduciaries peace of mind.

Audit Quality is Our Goal

We’ve been members of the AICPA’s Employee Benefit Plan Audit Quality Center since inception. As part of our commitment to quality, our audits are tested annually for compliance with professional standards, and every three years as part of our firm’s peer review. Our team attends continuing education related to employee benefit plan audits every year so we can be aware of recent developments.

For a complimentary assessment of your Company’s defined contribution plan audit, please contact a member of our team by clicking here.

DOL Resources

Selecting an Auditor for Your Employee Benefit Plan

The DOL's Employee Benefits Security Administration (EBSA) has developed a booklet titled Selecting an Auditor for Your Employee Benefit Plan to assist plan administrators in selecting an auditor. It provides information about reviewing the audit work and report. You can find this booklet at dol.gov/ebsa/publications/selectinganauditor.html.

US Department of Labor Employee Benefits Security Administration Fiduciary Education Campaign Website

The Fiduciary Education Campaign includes nationwide educational seminars and webcasts to help plan sponsors understand rules and meet their responsibilities to workers and retirees. The campaign also includes educational materials on topics such as selecting an auditor. Visit dol.gov/ebsa/fiduciaryeducation.html for more information, or contact us.

Meeting Your Fiducary Responsibilities

To meet their responsibilities as plan sponsors, employers need to understand some basic rules, specifically ERISA. ERISA sets standards of conduct for those who manage an employee benefit plan and its assets (called fiduciaries). This publication provides an overview of the basic fiduciary responsibilities applicable to retirement plans under the law. dol.gov/ebsa/publications/fiduciaryresponsibility.html.