401k Audits

We are a member of the AICPA Employee Benefit Plan Audit Quality Center.

Member of AICPA employee benefit plan audit center memberIn most instances we can offer a fixed for a 401(k) audit. Please feel free to call us for a free quote (303) 626-7000.

We offer reasonable rates. We perform both limited scope audits and full audits.

We strive to make the audit of your employee benefit plan go as smoothly as possible. Our strong team of experts understand the requirements of employee benefit plans and can effectively provide the services you need.

A DOL 401 K Audit is required typically where a plan has 100 or more eligible participants.  There are certain exceptions to this requirement, particularly the 80 120 rule 401k Audits.  The Audit Requirements for 401K plans required a Certified Public Accountant to audit the qualified plan to conclusion, and issue an appropriate  audit opinion that accompanies IRS Tax Form 5500.

If a plan fails to obtain an audit by a CPA as required, the DOL will assess draconian penalties in addition to rejecting Form 5500.  The Secretary of Labor has the authority under section 502(c)(2) of ERISA to assess civil penalties of up to $1,100 a day against plan administrators who fail or refuse to file complete and timely annual reports as required under section 101(b) of ERISA.  A report is considered untimely if it does not contain material information as required by Section 101(b)(1) of ERISA and the regulations issued thereunder, such as an Accountant’s Opinion.

The 401K Annual Audit is required to be submitted by July 31, 2015 for calendar year employee benefit plans.  The deadline may be extended by two and a half months or until October 15, 2015.

Types of Benefit Plans we Audit:

  • 401k and 403b
  • Profit Sharing
  • Defined Benefit Pension and Cash Balance plans
  • Health and Welfare

DOL / IRS Filings we can prepare:

  • Accountant’s Opinion as required by Section 101(b)(1) of ERISA
  • Preparing form 5500
  • Preparing form 5300
  • Preparing form 5330

We also offer assistance with IRS audits and inquiries, and DOL audits and inquiries.

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