What is a 401(k) Audit and why is it needed?
Briggs & Veselka provides audits for plans subject to the Employee Retirement Income Security Act (ERISA) regulations under the U.S. Department of Labor (DOL) regulations, as well as SEC 11-K filings.
Once the number of 401(k) plan participants surpasses 100, the IRS requires:
- An annual Form 5500 to be submitted
- An audit of the plan to be performed and attached to the annual Form 5500
If these items are not performed, the IRS can assign fees on a per daily basis for lack of Form 5500 alone.