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What is a 401(k) plan audit and why might you need one?

What is a 401(k) plan audit and why might you need one?

by cpaadmin | Apr 15, 2025 | 401k Plan Audit, Regulations & Policies, Uncategorized

If you sponsor a 401(k) plan for your employees, you’ve probably heard talk about retirement plan audits. Maybe someone told you you’ll need one once you hit 100 participants… or was it 120? Eligible? Contributing? It’s confusing, we get it.  The good news? You’re not...
What happens if I miss a 401k plan audit deadline?

What happens if I miss a 401k plan audit deadline?

by cpaadmin | Jul 15, 2024 | 401k Plan Audit, 401k Plan Mistakes, Audit Deadlines, Audit Procedures

As a plan sponsor, you’ve got a lot on your plate, and it’s easy to back-burner certain tasks—like your annual 401(k) audit. If you’re wondering (hypothetically or not), “What happens if I miss a 401k plan audit deadline?” … Here’s your...
Is your 401(k) plan “large” or “small”? —for audit purposes, that is.

Is your 401(k) plan “large” or “small”? —for audit purposes, that is.

by cpaadmin | Jun 15, 2024 | 401k Compliance, 401k Plan Audit, Audit Procedures, Preparing for a 401(k) audit, Regulations & Policies

Here’s how to determine the number of qualifying participants for your 401(k) audit.   The total number of participants with balances in your retirement plan drives how the IRS Code and the Department of Labor see your plan. For audit purposes, this definition...
How to streamline your 401(k) plan audit

How to streamline your 401(k) plan audit

by cpaadmin | May 15, 2024 | 401k Audit Time, 401k Plan Audit, 401k Plan Mistakes, Audit Deadlines, Audit Procedures, Preparing for a 401(k) audit

As a plan sponsor of a 401(k) plan that requires an annual audit, you’ve probably wondered in frustration, “Why does it take so long?” Here’s how to streamline your 401(k) plan audit.  Spoiler alert: audits can be time-consuming… but they don’t have to be! Here are...
How to prepare for your first 401(k) plan audit

How to prepare for your first 401(k) plan audit

by cpaadmin | Mar 15, 2024 | 401k Plan Audit, 401k Plan Audit Documentation, Audit Deadlines, Audit Procedures, Preparing for a 401(k) audit

For employers or plan sponsors with 401(k) plans with 100 or more participants with balances, here’s how to prepare for your first 401(k) plan audit.  Step One: Determine whether your 401(k) plan requires an independent audit. Firstly, who makes this determination? ...
Top 3 errors on 401(k) plan audits in 2023 (#3 will surprise you)

Top 3 errors on 401(k) plan audits in 2023 (#3 will surprise you)

by cpaadmin | Jan 15, 2024 | 401k Plan Audit, Audit Insights

We learn the most indelible lessons from our mistakes, right? This year, save yourself (and your auditor!) time and headaches by learning from someone else’s mistakes. Fresh out of this year’s audit season, it’s time for our annual look back at the most common errors...
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