How We Complete Your EBP Audit in 5 Hours or Less of Your Time

by | Apr 29, 2026

If you’ve been through an Employee Benefit Plan audit before, you already know the drill: endless back-and-forth, repeated document requests, and 10–20+ hours of your team’s time tied up answering questions.

But it doesn’t have to be that way. PriceKubecka has completely reengineered the EBP audit experience with a process that will limit your total time investment to 5 hours or less—without cutting corners, and without sacrificing audit quality.

Here’s how.

Man working on phone

We Eliminate Back-and-Forth Before It Starts

Most audit pain comes from disorganized requests and constant follow-ups. We fix that upfront.

  • You complete a quick questionnaire and engagement letter online
  • Then we run a structured 90-minute kickoff call to gather everything we need in one shot
  • We set expectations, collect key details, and secure system access immediately

Result: No drip-by-drip requests. No confusion. No wasted time.

We Go Straight to the Source (Not You)

Instead of relying on you to track down documents, we work directly with your providers.

  • We pull data from recordkeepers, payroll systems, and plan documents
  • We import everything into our audit platform ourselves

Result: You’re not stuck playing middleman between your auditor and your vendors.

We Front-Load the Heavy Lifting

Traditional firms spread work across weeks, creating constant interruptions. Not us

  • We gather documents early and resolve most requests upfront.
  • Then we perform full-population testing and data analytics behind the scenes.

Result: Minimal follow-up questions later = less disruption for you.

We Replace Endless Emails with Two Focused Conversations

Instead of dragging you through weeks of emails, we consolidate communication into just a couple key touchpoints:

  • Kickoff Call (90 minutes) to set everything up
  • Audit Results Discussion (1 hour): Walk through initial findings, determine if any corrections should be made, and request any open items.

Everything else happens without you.

Result: Clear, efficient communication without constant interruptions.

Once we have what we need, your involvement drops off significantly.

  • Sample testing (participants, contributions, loa

We Only Bring You Back In for What Actually Matters

Your final involvement is limited to:

  • Reviewing drafts
  • Signing the management representation letter
  • Addressing any necessary corrections

That’s it.

The Bottom Line

Most firms require 10–20+ hours of your time because their process is reactive, manual, and unstructured. PriceKubecka’s EBP audit process is engineered differently.

  • Structured upfront data collection
  • Direct integration with your providers
  • Full-population testing (not endless sampling cycles)
  • Minimal, intentional touchpoints

That’s how we consistently keep your time to 5 hours or less without sacrificing quality.

See How Little Time Your EBP Audit Should Take

Schedule a quick call and we’ll walk you through exactly how we can complete your audit in under 5 hours of your time—no surprises, no back-and-forth, no wasted effort.

 

👉 Book Your Audit Strategy Call

Frequently Asked Questions

How long should an EBP audit take for plan sponsors?

Most Employee Benefit Plan audits require 10–20+ hours of a plan sponsor’s time due to repeated document requests and back-and-forth communication. However, firms with a structured, data-driven process can reduce that time to 5 hours or less by handling data collection, testing, and coordination internally.

Why do some 401(k) audits take so much time from plan sponsors?

401(k) audits become time-consuming when auditors:

  • Request documents in multiple rounds
  • Rely on the plan sponsor to gather data from providers
  • Use inefficient sampling methods
  • Lack a clear, upfront process

These inefficiencies create constant interruptions and significantly increase the time burden on your team.

How can a CPA firm reduce the time required for an EBP audit?

A CPA firm can minimize plan sponsor involvement by:

  • Collecting data directly from recordkeepers and payroll providers
  • Using standardized, upfront document requests
  • Performing full-population testing and data analytics
  • Limiting communication to key milestone meetings

This approach eliminates unnecessary back-and-forth and keeps the audit moving efficiently.

What information does a plan sponsor actually need to provide during an EBP audit?

In a streamlined Employee Benefit Plan audit, plan sponsors typically only need to:

  • Complete an initial questionnaire
  • Participate in a kickoff call
  • Provide access to systems (e.g., recordkeeper, payroll)
  • Review final audit documents and sign required letters

Everything else—testing, data analysis, and follow-ups—is handled by the audit team.

Is a faster 401(k) audit less thorough or lower quality?

No—when done correctly, a faster audit is often more thorough, not less. Firms that use full-population testing, standardized workflows, and data analytics can identify issues more accurately than traditional sampling-based approaches. The key difference is efficiency—not reduced quality or compliance.

Frequently Asked Questions

What should I do if I missed the October 15 Form 5500 deadline?

First, confirm that October 15 was actually your plan’s deadline and that a valid extension applied. If the deadline has passed, determine what is preventing the Form 5500 from being completed. If a required 401(k) audit is unfinished or hasn’t started, contact an experienced employee benefit plan auditor immediately and work with your other advisors to determine the appropriate filing and penalty-relief options.

Can you file Form 5500 after the deadline?

Yes. A delinquent Form 5500 can still be filed after its due date. Filing late does not eliminate the filing requirement, however, and potential DOL and IRS penalties may apply. Eligible plan administrators may be able to use the DOL’s Delinquent Filer Voluntary Compliance Program to reduce certain penalties.

What are the penalties for filing Form 5500 late?

The Department of Labor may assess substantial civil penalties for failure to file a complete and accurate Form 5500. Current Form 5500 instructions state a potential DOL penalty of up to $2,739 per day. The IRS can separately assess $250 per day, up to $150,000 per plan year, for certain late Form 5500-series filings. Actual penalties and available relief depend on the circumstances.

What is the DOL's Delinquent Filer Voluntary Compliance Program?

The DFVCP is a Department of Labor program that allows qualifying plan administrators to voluntarily submit delinquent Form 5500 filings and pay reduced civil penalties. Eligibility generally requires correcting the filing before the DOL has provided written notice of the failure to file.

What if my 401(k) audit hasn't started and the Form 5500 deadline has already passed?

If your plan is required to have an independent audit, missing the Form 5500 deadline does not remove that requirement. Contact an employee benefit plan auditor as soon as possible, explain that the filing is already late and determine what records are needed to begin the audit immediately. Work simultaneously with your TPA and other advisors to address the delinquent filing and determine whether penalty-relief options are available.

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