Comply With DoL regulations
Employee Benefit Plan Audits
For newly created plans that have never filed a Form 5500, an audit is required if the plan has over 100 active participants in that initial year. For existing plans that have filed a Form 5500 short form, an audit is required once the number of participants with account balances exceeds 120 on the first day of the plan year. The audit professionals at Whitlock will ensure compliance with this Department of Labor regulation.
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Auditor’s Report
Annual filings for employee benefit plans require audited financial statements in some cases. The audit is an independent verification of the financial records and reports associated with the plan which focuses on compliance with DoL and IRS regulations. The qualified auditors at Whitlock can provide this service in addition to providing recommendations to improve plan compliance and processes.
Why Whitlock?
At Whitlock, our distinction lies in our deep understanding of regulatory requirements and our commitment to helping clients comprehend and apply them effectively. We strive to ensure that employees maximize their plans' benefits by offering timely reporting and unparalleled open communication.
Frequently Asked Questions about Employee Benefit Plan Audits
When does my company's 401(k) plan need an audit, and what actually triggers it?
For newly created plans that have never filed a Form 5500, an audit is required if the plan has over 100 active participants in that initial year. For existing plans that have filed a Form 5500 short form, an audit is required once the number of participants with account balances exceeds 120 on the first day of the plan year.
What should we expect during a 401(k) plan audit?
Expect an independent auditor to carefully examine your retirement plan's financial records, internal controls, and operational compliance, checking everything against your official plan documents and government regulations. We test different parts of the plan on a select basis, depending on size, and ask questions to confirm the plan is being run the way its documents say and that contributions and funding are handled correctly. We work closely with management, your HR and benefits team, and the plan's third-party provider to make sure the documentation and procedures required by the DOL and IRS are in place and actually being followed.
Are the processes and procedures my company has in place appropriate for the 401(k)?
During the audit, we talk through your internal controls, including the processes and procedures around the plan. If we spot risks that aren't being addressed, or errors that turned up during testing, we'll bring them to you directly and work through what needs to change. The goal is to help you strengthen your internal controls, protect your fiduciary responsibility, and manage the risks that come with running a 401(k) plan.
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An employee benefit plan audit from trusted experts can give you assurance that your fiduciary responsibilities are adequate. Request a consultation with our team.