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Inside Our 401(k) Audit Process

Below is a visualization of our team's 3-week workstream process.


 DAY 1-2

  • Meetings:
  • Documents Needed:
    Engagement Letter


    Parties in Interest Listing


    Plan Documents

    IRS Opinion/Determination Letter

    Audit Package/Trust Report

    Asset Certification Document


 DAY 6

  • Meetings:
    Control & Fraud Risks
  • Documents Needed:
    Internal Control Review

    Fraud Risks Review

    Compliance Review

    Fidelity Bond

    Discrimination Testing

    SSAE16 Reports



 DAY 14

  • Meetings:
  • Documents Needed:
    Participant Statements

    Supporting Documents for Test Samples - Eligibility; Deferral; Distributions; Loans; Fees; Contributions; Co. Match/Profit Share


 DAY 15

  • Meetings:
    Discuss Question Items (if needed)
  • Documents Needed:
    Additional Support for Test Items


    Resolution of Issues Identified

    Corrective Action

    Form 5500 Draft


 DAY 18

  • Meetings:
    Review of Issues/Control Deficiencies/Audit Differences
  • Documents Needed:
    Subsequent Event Documentation

    Review of Corrections

    Representation Letter

    Draft Report


 DAY 20

  • Meetings:
  • Documents Needed:
    Audit Report

    Financial Statements w/ Footnotes and Supp. Schedules

    Int. Control Memo

    Governance Memo

What Documents are Needed for a 401(k) Audit?

A large number of documents are required to conduct a 401(k) Audit. We will request some information from the employer and some from the recordkeeper and/or custodian. We use a tool called “Smartsheet” to request and receive the documents securely. To the right are listed some of the items usually requested.

Note: We provide an email facility to submit the information securely to us.

  • Bank statements showing plan deferrals and company contributions made to the Trust
  • Information questionnaires
  • Current year census
  • Plan document, adoption agreement, and all amendments
  • IRS determination letter or opinion letter
  • Type ll SOC l Report, formerly SAS 70 report
  • Summary plan description
  • List of all parties in interest.
  • Discrimination test results and detailed schedules
  • Form 5500 with all supporting schedules
  • Distribution forms for selected distributions during the Plan year
  • Loan documents for selected participant loans
  • A schedule of deposits to the Plan on a pay period basic
  • Forms W-2 or other annual payroll registers and reports
  • Form 1099 for distributions
  • Certification report from the Plan custodian
  • Participant statements and Plan Trust reports including detailed schedules 


Need a 401(k) Audit for your company? Let's chat!
Schedule a free 30 minute consultation with us today.

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