401K and Defined Contribution Plans
Today's 401K and defined contribution plans requires many challenges for compliance with rules established by the U.S. Department of Labor (DOL). A company's failure to meet these DOL compliance requirements could result in significant penalties. Further, certain plans of publicly traded companies have an increased requirement to file their financial statements with the Securities and Exchange Commission (SEC).
Our audit approach during a typical engagement helps clients meet their audit requirements in an efficient manner. Besides the typical audit of a plan's financial statements, a WithumSmith+Brown audit engagement also reviews the requirements related to such aspects as:
- participant eligibility
- participant and employer contributions
- timeliness of deposit requirements
- plan distributions
- participant loans
- participant data
The WS+B Employee Benefits & Pension Plan group is known for its deep experience and expertise in the 401K and Defined Contributions arena. The Department of Labor performs periodic inspections of CPA firms that audit in excess of 100 employee benefit plans. As part of our outgrowth, our most recent inspection by the DOL requested that we reach out where possible and provide training or assistance to other CPAs who perform such audits.
For a complementary proposal to perform your company's defined contribution plan audit, please contact one of our many experts by clicking here.