Understanding Retirement Plan Audits
Your resource to prepare for a retirement plan audit, and understanding any upcoming changes to plan requirements.
Retirement Plan Audits
At Viskochil Assurance Services, LLC, we consider ourselves specialists in performing Employee Benefit Plan audits. As a member of the Employee Benefit Plan Audit Quality Center within the American Institute of Certified Public Accountants, our firm is well-versed in the complexities of all types of retirement plan audits. We understand the importance of these audits in ensuring the financial security of your employees' future. Our services are comprehensive, covering all aspects of the audit process, from initial planning to final reporting. We are committed to providing our clients with accurate, timely, and efficient audits. Contact us at 512-944-3487 for more information.
What triggers a plan audit requirement?
Plans with a large number of participants or significant assets may be subject to audit requirements. The Department of Labor (DOL) generally requires retirement plans with over 100 participant account balances to undergo an annual audit by an independent qualified public accountant. If your plan exceeds 100 account balances, which includes active participants and terminated employees with remaining account balances, an independent auditors' report and financial statements are required to be submitted with the Plan's following year 5500 filing.
Financial Statements
We are ready to help you prepare required financial statements to submit with the Plan's form 5500. Reach out to us for a quote on an annual financial statement audit for your Plan, we usually can provide an estimate with no commitment in less than 15 minutes.
