If your 401(k), pension, or welfare benefit plan covers 100 or more eligible participants, a DOL-required audit isn’t optional — and the consequences of a deficient audit go directly to the plan fiduciaries.
The Department of Labor requires an independent audit of employee benefit plans that cross the 100-participant threshold. That audit is filed with your Form 5500 and, if deficient, exposes plan fiduciaries to personal liability.
Our experienced audit team understands ERISA requirements, DOL audit standards, and the specific documentation that keeps your plan — and your fiduciaries — protected.
We review your plan documents, prior year returns, participant counts, and Form 5500 to scope the engagement and identify any prior findings that need to be addressed.
We test participant data, investment transactions, contributions, distributions, and plan operations against plan documents and ERISA requirements.
We deliver the audited financial statements and coordinate with your Form 5500 preparer to ensure accurate, timely filing with the DOL.
A limited-scope audit allows the plan to exclude investment information certified by a qualifying institution (like a bank or insurance company) from testing. Most 401(k) audits qualify for limited scope, which reduces cost and complexity without sacrificing compliance.
DOL penalties for late or missing Form 5500 filings can be significant — up to $250 per day per plan. We work with your HR and plan administration teams to ensure timely filing.
No — and continuity is actually valuable. A CPA firm that knows your plan, your controls, and your history can conduct more efficient audits and identify issues earlier. Many of our benefit plan audit clients have been with us for years.
The first conversation is free. Let’s find out if we’re the right fit.