401(K) PLAN AUDIT

The Department of Labor and the AICPA have expressed that 401(k) audits have an unnacceptably high rate of deficiencies. This is important because the Department of Labor can reject any Form 5500 filing which has a deficient audit... As permitted by 29 CFR 2520.103-8 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA, a plan administrator is permitted to instruct the auditor not to perform any auditing procedures with respect to the information prepared and certified by a bank or similar institution or by an insurance carrier that …... ERISA is the acronym for the Employee Retirement Income Security Act of 1974. ERISA is a federal law that sets the standards for most voluntary established pension plans in private industry to provide protection for individuals participating in these plans. ERISA requires plans to…

Primary location: Phoenix United States