A Retirement Plan Audit performed by us will not only meet your Department of Labor (DOL) filing requirements but will help with your fiduciary responsibilities by providing reasonable assurance that the plan is operating according to plan provisions and DOL requirements. At KOS we strive to exceed our client’s expectations and are committed to achieving the highest quality audit possible with minimal interference with your daily business operations.
A Retirement Plan Audit consists of:
- A financial audit of the Statement of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.
- Compliance procedures required by the DOL includes testing of the plan’s internal controls to ensure:
- Employees that are eligible to participate in the Plan are notified of their eligibility and begin payroll deferrals on the next entry date to the Plan
- 401(k) deferrals are withheld as requested by the employee
- Employee’s payroll deferrals are submitted to the trustee on a timely basis
- Benefit distributions and participant loans are made in accordance with Plan provisions
Our experience results in an efficient audit approach that reduces the time we need from your personnel, thus allowing them more time for their regular duties. We will:
- Provide you with a list of items needed for us to gain an understanding of your organization and the Plan (List available upon request)
- Set up interviews with key personnel to discuss Plan processes and procedures
- Provide you with a list of documents needed for sample selections for compliance testing
- Complete our audit and delivery of all reports on a timely basis and proactively communicate any deviance from our timeline
- Provide you with a detailed, constructive, management letter of any significant deficiencies noted in the Plan’s internal control system and recommendations to improve the controls
If you need help determining if your plan needs an audit or for more information, contact Steven Kessler, SPKessler@koscpa.com or Cindy Schulze CSchulze@koscpa.com, or by phone at 847.580.4100.
