401k and 403b Plan Audits

Changing benefit plan auditors can provide a fresh perspective on the quality and effectiveness of the plan. The audit of a 401(k) or 403(b) requires specialized knowledge and attention. While it’s commonly believed that there is little difference between a financial statement and retirement plan audits — that belief is false. In fact, a recent study published by the Department of Labor (DOL) reveals that errors with benefit plan audit filings are generally committed by firms with limited experience. The issues generally uncovered include failure to test key controls and other plan functions. To ensure that your plan audit receives the highest level of audit quality, it’s essential work with an experienced firm that understands the nuances of plan audits.

We work with smaller limited scope audits, full scope audits, and multi-employer plans. What makes our audit process different is that we understand the complexity of managing multiple players in this process. The difficulty of working with some firms is that they focus only on “checking the box” and spend little time focused on client concerns. Our audit approach accomplishes the needed testing, but also addresses your concerns throughout the process.