A Guide to Planning Your 401k Audit

Dec 6, 2022Business, Guides

Many business owners offer a 401k plan to their employees. It is a great way to help employees save for retirement, and it allows the owner to contribute to their account as well. It can also be an attractive benefit for hiring and retaining employees in the current market. However, as your business and retirement plan grows, you may become subject to a retirement plan audit. Generally, an independent auditor must audit a retirement plan’s financial statements once it has more than 100 eligible participants – or 120 if the plan has not been previously audited.

A 401k plan audit can be an unexpected part of offering this benefit to employees. Most companies are not prepared for a detailed examination of the plan’s compliance requirements, the company’s (and/or trustee’s) fiduciary responsibility, and internal controls.

This guide will look at four parts to successfully navigate the audit of your 401k plan:

  • Fiduciary Responsibility
  • Operational Compliance
  • Financial Reporting
  • Document Gathering and Organization

We will discuss what to consider, what to expect, and how to prepare for a 401k plan audit.


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