A company’s 401k plan or other retirement plans offered must be audited annually as required by ERISA. They are required to be audited when a plan has more than 100 eligible participants or 120 if not previously audited.
Learn more about when a 401k plan audit is required and what two major areas this type of audit reviews: 0:05
Learn how you can prepare for a 401k audit and what documents an auditor will request: 1:02
The plan sponsor has a number of fiduciary responsibilities it is required to follow, learn about them here: 01:37
Auditors will need to complete additional internal planning as risk assessments. Learn how to be prepared: 2:03
Once an auditor completes these assessments, there are various areas they will focus on depending on the risks identified. Learn about these areas: 2:33
If you have any questions about 401k plan audits or if your company’s retirement plan needs one please contact an Untracht Early advisor.