401k Audit Requirements 2024. The dol requires 401 (k) plans with a certain level of eligible participants to have an annual audit. Get a list of the auditor’s requirements.
If you are a benefit plan sponsor, your 401k plan audit requirements will be changing this year. If you have a plan that has 100 or more account balances on january 1, 2023 (assuming the plan had an audit in the prior year), and audit will be required for 2023.
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The required documents for a 401 (k) audit include:
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You may not substitute an internal audit for an audit conducted by a tpa.
One Of The Most Favored Employee Benefit Plans, The 401 (K) Plan, Provides Unique Challenges For Auditors.
Under the new dol rules, this 401 (k) plan would no longer require a 5500 audit because they only have to count the 27 eligible employees with balances in.
There Are Many Opportunities And Implications Of Secure Act 2.0 That Plan Sponsors Should Evaluate Thoroughly To Ensure Compliance With Its Guidelines.