Assurance team managers Kyle Drost, CPA, Matt Marinaro, CPA, and supervisor Ashley Stillwell discuss what you need to know about 401k plan audits and how a company can prepare for one.

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.