401k Plan Audits – 403b Plan Audits
The audit of a 401k and other retirement plan does require specialized knowledge and attention. While it’s commonly believed that there is little difference between a financial statement and retirement plan audit that is not entirely true. In fact, a recent study published by the Department of Labor (DOL) reveals that errors with benefit plan audit filings are generally committed by firms with limited experience. The issues generally uncovered include failure to test key controls and other plan functions. To ensure that your plan audit receives the highest level of audit quality, it’s essential work with an experienced firm that understands the nuances of plan audits. Wilson Lewis provides benefit plan audits to companies in Duluth, Atlanta and across Georgia. We work with smaller limited scope 100 participant plans to full scope audits to multi-employer plans with hundreds of participants.
What makes our audit process different is that we understand the challenges faced by CFO’s and others in the process. Often time’s companies are faced with the task of having to train new audit professionals, manage repeated requests for documentation and inability to meet agreed upon engagement deadlines. The difficulty of working with some firms is they focus only on “checking the box” of audit requirements and spend little time focused on client concerns. Wilson Lewis provides an audit approach that accomplishes the needed testing, but also addresses concerns throughout the process.
Our Retirement Plan Services:
- Defined Contribution Plans including 401k plans
- 403b Plans
- Defined Benefit Plans
- Limited or Full Scope Audits
- Single or Multiple Employers
Changing benefit plan auditors can provide a fresh perspective on the quality and effectiveness of the plan. While companies often bundle this service with their financial statement audit, if the firm doesn’t have extensive experience a change may be necessary. Have questions about your retirement plan account? Contact us today, Wilson Lewis is here to help!. For additional information on our EBP audits, please contact us at 770.476.1004, or click here to contact us. We look forward to speaking with you soon!