Employee benefit plan audits performed to Department of Labor standards — a licensed specialty most firms cannot perform.
Plan sponsors who have crossed the participant threshold and must attach an audited financial statement to Form 5500.
01
Form 5500 audits
Full-scope and limited-scope audits completed and attached to the 5500 before the filing deadline.
02
Participant testing
Eligibility, enrollment, deferrals, and vesting tested against the plan document — not assumed.
03
Contribution timing
Remittance testing for late deposits, the most common finding the DOL pursues.
04
Distributions & loans
Hardship withdrawals, terminations, and participant loans reviewed for plan and code compliance.
05
SOC 1 reliance
Service organization reports evaluated properly rather than accepted at face value.
06
Plan document review
Operations compared against the document, so a drift is caught before it becomes a correction.
Generally once the plan has 100 or more eligible participants with account balances at the start of the plan year, with a transition rule for plans hovering at the threshold.
Yes. The recordkeeper is a service provider; the audit is the plan sponsor’s obligation, and sponsors remain responsible for oversight.
The 5500 is treated as incomplete, which exposes the sponsor to DOL penalties that accrue daily. We plan the engagement around your filing date.
This is one of our specialty audit practices. We also perform audits, reviews, compilations, and financial statement preparation for businesses of every kind.
We’ll help you choose the right assurance for where your business is headed.
