As 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.
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.
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.
Preparing for a 401k plan audit can be tedious, but you can help prepare for a successful audit with the proper knowledge and tools. In this installment, we will discuss the operational compliance of a 401k plan.
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.
Get to know Smith Schafer’s audit principal, Jason Miller.