Rochester 401k Audit
401k plans have become one of Minnesota employers’ most common retirement plan options. Generally, a company-sponsored retirement plan with 100 or more participants on the first day of the plan year must perform an external 401k audit.
A 401k audit will look at two major areas:
Compliance
To verify that the 401k plan is operating in compliance with specific IRS and Department of Labor regulations and plan-related documents.
Financial Reporting
To determine the accuracy of the financial information as reported on Form 5500 and plan financial statements, including required disclosures.
Our Client Service – A Proven Approach
Our auditors have extensive experience with 401k audits and have provided audits of hundreds of plans over the years. Smith Schafer has an approach to delivering value. Our Rochester clients confirm that our service approach sets us apart from other local CPA firms. We are committed to:
Enhancing our understanding of your specific business and operations.
Work directly with your third-party provider to limit your time with the 401k audit process.
Keep you abreast of the ever-changing audit requirements through regular communications and webinars.
Timely delivery of services.
Being available to you throughout the year. We encourage you to reach out whenever you have questions, and additional fees WILL NOT be charged unless significant research is involved.
CLICK BELOW TO CONTACT OUR 401K SERVICES GROUP FOR ADDITIONAL INFORMATION.
Audit Resources
5 Questions to Ask Yourself Before Selecting an Auditor
Searching for an audit firm can be a time-consuming and stressful task. However, it can be maneuvered easier if you know what to look for, have realistic expectations, and ask the right questions.
document Organization for Your 401k Plan Audit
s discussed in part two of our 401k blog series, one of the purposes of a retirement plan audit is to ensure the plan operates in compliance with both plan documents and IRS and DOL regulations. To do this, your auditor will request access to several documents. Some will be plan-specific documents, while others will be HR and related documents.
401k Plan Audit: Form 5500 and Audit Financial Statements
Your business is growing, and so is your 401k plan. But when a plan reaches a specific size, it must be audited by an independent accounting firm.
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Our client satisfaction is exceptional, as demonstrated by our 96.4% satisfaction rate.
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