What is a 401(k) audit?

A 401(k) audit involves a third-party accounting firm examining your company’s retirement plan to confirm it adheres to the regulations and guidelines established by the IRS and the Department of Labor (DOL).

How does a 401(k) plan audit work?

A 401(k)audit conducted by Marshall Jones is a comprehensive multistep process that will give you more confidence and peace of mind knowing that your organization is compliant.

Step 1 – Get a Quote

All 401(k) plans are different, and to help bring clarity and 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 a 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 and 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 Form 5500.

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What Are the Benefits of Our 401(k) Audit Services?

Choosing Marshall Jones as your 401(k) audit company offers numerous benefits for your business:

Experience: We’ve been helping Atlanta-area companies like yours meet their accounting, financial and auditing needs since 1984. Our experienced team knows what to look for when performing these meticulous audits and how to avoid many potential pitfalls in the process.

Cost-effective: As a medium-sized CPA firm, we can offer more affordable pricing than our larger competitors while still maintaining ample resources and staff to conduct a comprehensive and accurate 401(k) audit. We’re also small enough to deliver the personalized service you deserve.

Customization: Our flexibility and willingness to adjust enable us to tailor our services to the nuances and complexities of your company’s 401(k) plan. We can also adapt our solutions to any changes in your plan to ensure continued auditing accuracy as your business evolves or when adding more employees.

Time savings: If yours is like many companies, you don’t have extra time and human or technical resources to allocate for auditing and other essential financial services. Outsourcing to Marshall Jones enables you to focus on your core business without pulling talented workers away from other crucial duties. Your teams will be more productive and efficient.

Service: As one of the most customer service-oriented 401(k) audit firms in the Atlanta area, you can trust us to be attentive to your company’s needs throughout the process. We have a small community atmosphere where every client feels like part of our extended family. You’ll feel comfortable and confident when partnering with us.

Contact Our Experienced 401k Auditors

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 based out of Alpharetta, GA.