What is the 401(k) audit process?

Step 1 – Get a Quote

All 401(k) plans are different, and to help bring clarity, organization, and remove pressure, we like to discuss with you the aspects of your 401(k) plan. This is about 30 minutes of your time. Once you engage us for services, we create a location for you on our platform for sending and receiving secure documents.

Step 2 – Document Review

Once engaged with us, we will need to gather more information about the 401(k). This includes review of various plan documents, questionnaires about processes, and other documents. These will help us properly plan audit procedures to ensure efficiency and effectiveness throughout the process.

Step 3 – Testing

We will pull total reports regarding payroll, investments, contributions, distributions, and use those reports to choose random participants for testing. This testing ensures that the 401(k) plan is operating as designed and in accordance with the DOL regulations.

Step 4 – Completion and 401K Audit Reporting

Once testing is complete, we will prepare a report and share any potential issues with you. We will answer questions that you have, review the draft together, and make any recommendations. Once you approve of the draft, we will issue the final report, which should be sent to your third-party administrator for attachment to the Form 5500.

Contact an experienced Atlanta CPAP for your 401k audit

At Marshall Jones, we know that employee benefit plans are important because it is how you take care of your employees. It also represents many fiscal and regulatory responsibilities for you, and we hope to help relieve the stress related to the auditing portion of those responsibilities. Contact Marshall Jones today to start working with our financial professionals.