Selecting the perfect auditor for your 401(k) plan isn’t just a box‑checking exercise—but our handy 401(k) auditor checklist will ensure that you cover the key criteria and questions to ask to make the right choice. Because it’s a decision, after all, that can make the difference between a streamlined, confidence‑building experience and a last‑minute scramble of documentation and exceptions.
So here’s how to pick the right 401(k) audit partner, complete with must‑have qualifications, thoughtful questions to ask, and the distinct advantages of working with a firm that lives and breathes 401(k) plan audits.
1. Look for specialized expertise
An accounting firm that tackles everything from corporate tax to bookkeeping doesn’t spend its days immersed in the nuances of ERISA, or Department of Labor and IRS requirements. As a result, they may only perform a handful of 401(k) audits a year.
By contrast, an auditor who specializes in 401(k) plan audits:
- Knows the latest regulatory updates (think: safe‑harbor contribution rules or the newest SECURE 2.0 regulations)
- Has seen countless 401(k) plan designs, processed hundreds of audits, and knows the typical errors that trigger exceptions
- Builds efficiencies into every step of the audit, so you avoid duplicate data requests and surprise findings
Pro tip: Before you dive in, read our tips on the two critical questions to ask when hiring a specialized 401(k) auditing firm here.
2. Verify key qualifications
When vetting audit firms, make sure they can tick these boxes:
| Qualification | Why It Matters |
| AICPA EBPAQC Membership | Indicates adherence to rigorous professional standards and continuing education. |
| ERISA‑Focused CPE | Shows the team invests in specialized training on retirement‑plan auditing. |
| Consistent Engagement Team | You want to work with familiar auditors year after year, not rotating rookies. |
| Peer‑Review Status | A “clean” peer‑review report signals quality control and reliable processes. |
And don’t hesitate to ask for proof—most reputable firms are happy to share their credentials and peer‑review results.
3. Ask the right questions
When you’re vetting audit firms, fees are just the beginning. These five questions reveal true expertise, process rigor, and partnership style:
- How many 401(k) plan audits does your firm perform each year, and what percentage of your practice focuses on employee benefit‑plan audits?
A high audit volume and 401(k) plan focus correlate with better quality (fewer peer‑review deficiencies) and deeper ERISA know‑how. - Will I work with the same audit lead and core team each year?
Re‑training new auditors on your processes wastes time. Ask for continuity metrics—firms that specialize in benefits‑plan audits typically assign a consistent team, so they learn your plan inside and out. - How do you present your findings, especially complex exceptions?
You need summaries that HR and finance can act on without decoding jargon. A good auditor takes technical issues and packages them in clear, plain language. - What is your typical timeline from kickoff to final report, and how do you keep us informed along the way?
A documented schedule with milestone check‑ins prevents surprises and ensures you can allocate resources efficiently. - Is your firm licensed to audit employee benefit plans in our state—and do you undergo regular peer reviews?
State licensing confirms authority, while a clean AICPA peer‑review report signals robust quality controls.
4. Understand the benefits of specialization
Partnering with a firm dedicated solely to benefits‑plan audits delivers several advantages:
- Speed & efficiency: Specialists have prebuilt templates, validated checklists, and automated tools—so your audit wraps up faster.
- Fewer exceptions: Familiarity with common pitfalls means they catch errors before they balloon into reportable findings.
- Strategic guidance: Beyond compliance, you connect to practical resources to streamline payroll feeds, tighten document controls, and enhance participant communications.
- Stronger employee confidence: Cleaner audits and fewer surprise notices boost trust in your retirement program—an often‑overlooked morale builder.
If you’re curious how these benefits play out in real‑world scenarios, check out some client case studies.
5. Take the next step
Choosing the right auditor sets the tone for your entire compliance cycle. Don’t settle for “good enough” when you can have an audit partner who knows your plan inside out and treats your objectives as their own.
At Cassell Plan Audits, we focus exclusively on benefits plan audits—bringing decades of specialized experience to every engagement. Let’s explore how we can turn your next 401(k) audit into a practically painless, confidence‑building milestone. Contact Cassell Plan Audits today.
Photo by Tara Winstead.
