Preparing for your annual broker-dealer audit should be a proactive agenda throughout your company’s fiscal year. Early preparation allows your business to stay compliant with the numerous rules and regulations. Failure to implement preemptive measures may result in an interruption of your … Read More
auditing 401k plans
Auditing 401(k) plans is a meticulous and critical process that demands precision and expertise. Our specialized auditing services for 401(k) plans go beyond routine checks, focusing on key objectives to ensure compliance, accuracy, and the overall financial well-being of plan participants.
One primary objective in auditing 401(k) plans is to assess the accuracy and completeness of financial statements related to the plan. This involves a thorough examination of transactions, participant contributions, and investment activities to ensure that the financial statements present a true and fair view of the plan's financial position.
Compliance with regulatory standards, especially under the Employee Retirement Income Security Act (ERISA), is a cornerstone objective. Our auditors navigate the intricate landscape of 401(k) regulations, ensuring that the plan adheres to the necessary guidelines and requirements. This meticulous approach is crucial for protecting both plan sponsors and participants.
A significant focus lies in auditing contributions and participant data. Our audit process rigorously verifies the accuracy of participant contributions, ensuring they align with plan provisions. Additionally, we assess participant data, including eligibility and vesting, to confirm that participants receive the benefits they are entitled to, fostering trust and transparency.
Internal controls play a pivotal role in the auditing of 401(k) plans. Our auditors evaluate the effectiveness of internal controls in place to prevent and detect errors or fraud. This objective ensures that plan assets are safeguarded, transactions are accurately recorded, and the plan operates with integrity.
Effective communication is woven into our auditing process. We collaborate closely with plan sponsors, administrators, and fiduciaries, providing guidance on best practices, addressing queries, and ensuring that everyone involved is well-informed and confident in their roles. This collaborative approach fosters a positive audit experience.
Choosing our specialized auditing services for 401(k) plans means more than just meeting regulatory requirements; it signifies a commitment to the financial well-being and security of plan participants. We understand the complexities of managing retirement plans and tailor our approach to provide valuable insights that contribute to the overall success of the plan. Let us be your partner in ensuring the robustness and compliance of your 401(k) plan.
Mistakes That Trigger a 401k Audit Being subject to an IRS audit can be an unnerving experience, so it’s understandable that organizations would want to prevent one. Benefit plan administrators should do what they can to avoid 401(k) audit mistakes and ensure that their plans are in … Read More
The U.S. Department of Labor is increasing its scrutiny of certain retirement plans, and fines are high for non-compliance. Federal law requires most employers who manage benefit plans with 100 or more participants to complete an annual audit. This results in many small and mid-sized companies … Read More