SAS 136
Tomayto, tomahto – SAS 136
July 19, 2021
401(k) Audit Compensation Mistakes To Avoid
August 3, 2021

The 3-Step 401(k) Audit Process

Your experience with a 401(k) audit process doesn’t have to be … a process. Our team of qualified CPAs reduces the total number of hours to complete an audit by 50% compared to the industry standard of 6-8 weeks. Our seamless, remote auditing technology allows your company’s HR department to spend less time responding to endless ERISA audit requests and more time focusing on the people that power your organization. Our process has three distinct steps, so you know what to expect ahead of time.

30-Minute Audit Kick-Off

Yes, you read that right. In just 30 minutes, your audit will begin. Step one of the process starts with your completion of three actions. We will manage the audit from here! There is no need for you to respond to a long list of audit requests. All you have to do is:

  1. Return the signed engagement letter
  2. Send the signed auditor access form to your Record Keeper
  3. Hold a quick web meeting with PK to pull payroll data in our specialized format

60-Minute Plan Analysis

Just like every business’ 401(k) plan is different, so too is the audit. Our CPAs will tailor the audit to your specific plan. The second step is a virtual meeting with you to understand the ins and outs of your plan and to document your control environment. Once we’ve gathered this information, our technology takes over and runs in the background. The keyword here is “background.” You won’t have someone holed up in your office for days affecting workplace productivity.

Completing Your Audit

IRS and ERISA compliance is our top priority!  If issues arise or there is missing information, our auditors will work closely with you to determine the proper game plan to resolve issues quickly. The compliance review is a critical step that takes an hour or two of your time. At the end of this last step, financial statements are quickly produced for your approval.

As you can see, in doing an automated and remote audit, clients need to provide minimal support to receive a fully compliant, error-free audit in less than three weeks.

Talk to one of our CPAs to start your audit process today!

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