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.
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.
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.
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.
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.
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.
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.
A 401(k) audit is an independent examination of your retirement plan to ensure compliance with IRS and DOL regulations. It's necessary for plans with 100+ participants to avoid penalties and maintain plan integrity.
Businesses with 100 or more eligible plan participants typically require an annual 401(k) audit to comply with federal regulations.a
It identifies compliance issues, corrects errors, and ensures the plan is managed properly, helping you avoid penalties and safeguard participant assets.
It involves reviewing plan operations, participant eligibility, contributions, distributions, and financial reporting to ensure accuracy and compliance.
The duration varies depending on the plan's complexity, but most audits can be completed within a few weeks to a couple of months.
Yes, our audit process identifies and helps correct errors promptly, minimizing potential regulatory issues.
Audits ensure the plan is managed correctly, protecting employee contributions and building trust in the retirement plan’s integrity.
Typically, plan documents, financial statements, payroll records, and bank statements are required for a comprehensive audit.
The cost varies based on plan complexity and size. Contact us for a tailored quote based on your plan's specifics.
CPA firms have the expertise to conduct thorough audits, ensuring compliance, accuracy, and strategic insights for your retirement plan.
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.
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.