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Conduct Your 401(k) Audit Virtually

Published by Kim Moore on Jan 27, 2020 6:00:00 AM

As an administrator of your 401(k) Plan, we understand that your multiple responsibilities and that completing an audit for your plan are not at the top of your list. At Summit CPA Group, we strive to make your Plan’s audit as streamlined as possible, while providing the tools necessary to assist with your secure data submissions and communications.

We provide our clients with access to the Smartsheet tool. This tool allows:

  • Real-time updates to the list of data necessary to conduct the audit.brad_open_roller_banner_VIRTUAL CFO 21483

  • The transmission of data between the client office and Summit and vice-versa is done securely via encryption.

  • Includes automated notifications to alert our clients when an item has been added or if a Summit team member has responded to a question or notation left by the client on the sheet. 

  • This tool allows you to work at your own pace to provide the necessary information. You can load all requested items at the same time or work on the request listing one piece at a time.

  • Automated client audit updates. This new feature will allow us to provide our clients with an e-mail status update at periodic times throughout the audit informing our clients about the current status of the audit, the estimated time to complete and reference any outstanding data requests that have not yet been completed.  We believe this will provide useful information to our clients without adding to their list of meeting times throughout the workweek.

In addition, we use teleconferencing and videoconferencing to meet with our clients. We meet as needed to:

  • Review audit status.

  • Discuss issues we have encountered and answer questions that the client may have on our requests.

  • Most importantly, we review Plan procedures, risks and internal controls. We can view the client’s screen to see how information is recorded, view edits in place and review system security. Conversely, we can allow the client to view our screens to work on an issue encountered or review the Plan financials together if needed.

We believe these tools help our client experience to be as positive and stress-free as possible.  Give us a call at (866) 497-9761 if you’d like to learn more about Summit’s audit process. We specialize in retirement plan audits and have the ability to offer assistance entirely off-site with little or no distraction to your daily office routine.  We also offer flat-fee pricing so there are no surprises on your bill when the job is complete.

Get a FREE 401k Audit Consultation

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