Employee Benefit Plan Audits

401(k) and EBP Audits for IRS and DOL Compliance
Protect your business and ensure financial integrity with comprehensive 401(k) and Employee Benefit Plan (EBP) audits. Our CPA’s cover every aspect of compliance, transparency, and operational efficiency.

  • Regulatory Compliance: Maintain full compliance with IRS and DOL regulations to avoid costly penalties and protect your plan’s qualified status.
  • Operational Review: Thoroughly verify contributions, distributions, and participant eligibility to ensure they align with your plan’s terms and federal requirements.
  • Financial Statement Audit: Prepare and review GAAP-compliant financial statements for clear, transparent reporting, enhancing trust and accountability.
  • Internal Controls: Strengthen internal controls to safeguard participant assets and prevent financial discrepancies or misuse.
  • Error Detection: Proactively identify and correct administrative errors to maintain plan integrity and build participant confidence.
  • Comprehensive Reporting: Receive a detailed audit report with actionable insights, guiding you toward continuous improvement and optimization of your benefit plan.

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Comprehensive 401(k) Audits for Compliance and Assurance

A 401(k) audit, also known as an Employee Benefit Plan (EBP) audit, is essential for businesses with 100 or more eligible plan participants. These audits go beyond compliance; they are critical for maintaining the integrity of your retirement plan and ensuring the financial security of your employees. At Linked Accounting, we specialize in thorough 401(k) and EBP audits that protect participant assets, enhance financial reporting accuracy, and ensure adherence to IRS and Department of Labor (DOL) regulations.

Why Partner with Linked Accounting for Your 401(k) Audit?

  • Regulatory Compliance: We ensure your 401(k) plan adheres to IRS and DOL requirements, minimizing the risk of costly fines and penalties while maintaining your plan’s qualified status.
  • Protecting Employee Assets: Our audits provide a detailed review of plan management, ensuring contributions, distributions, and investments are handled correctly, offering peace of mind to both employers and employees.
  • Error Detection and Correction: We identify discrepancies or administrative errors in plan operations, allowing you to address and correct issues promptly, avoiding further complications.
  • Enhanced Plan Integrity: By conducting a thorough 401(k) audit, we help you maintain a trustworthy retirement plan, fostering confidence among your employees and enhancing their perception of your company.
  • Strategic Financial Insights: Beyond compliance, our audits offer valuable insights into your plan’s financial health and performance, enabling you to make informed decisions about plan offerings, fees, and investments.

Strengthen Compliance and Reduce Business Risk

Maintaining compliance with IRS and DOL requirements is crucial for avoiding costly fines and preserving your plan’s qualified status. Our 401(k) audits provide a meticulous review of your plan’s operations, including contributions, distributions, and plan management. By proactively identifying compliance gaps, we help you mitigate risks and safeguard your business against regulatory penalties. This level of scrutiny not only protects your company but also demonstrates a commitment to your employees’ financial future.

Protect Employee Assets and Build Trust

Accurate management of your 401(k) plan is vital for protecting employee assets. Our audits offer a comprehensive examination of plan operations to ensure that participant contributions and distributions are managed correctly. By securing the assets of your employees, you foster trust in your benefits program, reinforcing your company’s reputation as an employer that values and protects its workforce’s financial wellbeing.

Enhance Plan Integrity with Error Detection and Correction

Errors in plan administration can compromise the integrity of your 401(k) plan. Our EBP audits identify discrepancies such as miscalculations in contributions or participant eligibility issues, allowing you to correct them promptly. Addressing these errors not only ensures compliance but also maintains the plan’s integrity, offering your employees a reliable and trustworthy retirement solution.

Gain Strategic Insights to Optimize Your 401(k) Plan

Beyond compliance and error correction, our audits provide strategic insights into your retirement plan’s overall performance. We analyze key financial aspects, including plan fees, investment strategies, and participant behaviors, to offer actionable recommendations. These insights enable you to make informed decisions that optimize plan offerings, enhance participant satisfaction, and align your retirement benefits with your broader business objectives.

Tailored 401(k) Audit Services Aligned with Your Business Goals

Linked Accounting offers a full suite of 401(k) and EBP audit services tailored to the specific needs of your business. Our approach includes a detailed review of participant eligibility, contributions, plan operations, and financial reporting. Our experienced CPAs provide comprehensive audit reports with clear insights, ensuring your plan is accurately represented and effectively managed. By partnering with Linked Accounting, you not only meet regulatory requirements but also strengthen the value and integrity of your retirement plan.

We believe in turning compliance into a strategic advantage. With our expert guidance, you gain a trusted partner committed to enhancing your employee benefit offerings, promoting long-term financial security, and driving business success through a well-managed 401(k) plan.

Frequently Asked Questions

What is a 401(k) audit and why is it necessary?
Who needs a 401(k) audit?
How does a 401(k) audit protect my business?
What does the 401(k) audit process involve?
How long does a 401(k) audit take?
Can errors in my 401(k) plan be corrected during the audit?
How do 401(k) audits benefit employees?
What documents are needed for a 401(k) audit?
How much does a 401(k) audit cost?
Why choose a CPA firm for a 401(k) audit?

Additional Services

Laura Weston

Partner, Audit

Laura Weston, CPA, brings over 20 years of audit and business advisory experience, including roles as a controller for both a manufacturing and a real estate investment company. She specializes in serving clients across various industries, including real estate, manufacturing, franchising, ERISA, and not-for-profit organizations. Laura also provides litigation support, helps strengthen internal control policies and procedures, and conducts due diligence for acquisitions and sales. Laura holds a Master’s degree in Business Administration from Utah State University and is a member of the American Institute of Certified Public Accountants. She is licensed as a CPA in both Utah and Hawaii. Outside of work, Laura enjoys traveling and spending time outdoors with her husband and two children.

The Role of a 401(k) Audit Specialist

CPA-Driven Audits for Protecting and Optimizing Your Retirement Plan

As 401(k) audit specialists, we offer more than just compliance—we provide strategic value to your retirement plan. Our role goes beyond identifying and correcting errors; we thoroughly evaluate your plan’s financial health and operational efficiency. We assess internal controls, examine contribution and distribution practices, and ensure your plan’s financial statements are accurately prepared. This comprehensive approach boosts the confidence of your plan participants and gives you actionable insights to optimize plan offerings and costs. By partnering with us, you’re not just meeting regulatory requirements—you’re enhancing the overall effectiveness and integrity of your 401(k) plan.

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