What Employers Need to Know
If your organization offers a 401(k) plan, you may be required to undergo an annual audit under federal ERISA rules. Plans with 100 or more participants generally must include an independent audit with their Form 5500. Even smaller plans may choose an audit to catch issues early. We want you to be prepared as best you can for your organization.
A 401k audit examines eligibility, contributions, distributions, participant data, internal controls, and overall plan operations. The goal is to ensure that the plan complies with ERISA and Department of Labor (DOL) requirements.
To make your audit smoother:
- Organize plan documents early, plan documents, amendments, trust statements, and payroll files.
- Verify contributions are remitted on time—late deposits are a common issue.
- Ensure participant data is accurate, hire dates, hours, compensation, and eligibility.
- Review service provider reports, record keepers and custodians provide key audit data.
- Document fiduciary decisions—meeting minutes, reviews, and oversight steps.
At Rojas & Associates, CPAs, we guide plan sponsors through the entire process—from preparation to final audit reporting. If your plan is nearing audit season, our team can help ensure compliance and reduce operational risks.
For 401k Audit Support
(800)-969-7433
401(k) Audit Preparation Checklist, Rojas & Associates, CPAs
401K AUDIT
Plan Documents
- ☐ Signed plan document and amendments
- ☐ Summary Plan Description (SPD)
- ☐ Investment Policy Statement (if applicable)
- ☐ Service provider agreements and fee disclosures
Payroll & HR Data
- ☐ Payroll reports for the plan year
- ☐ Employee hire/termination dates
- ☐ Compensation details
- ☐ Eligibility tracking or census files
Plan Transactions
- ☐ Employee and employer contribution files
- ☐ Deposit dates for each payroll period
- ☐ Loan origination records
- ☐ Distribution and hardship withdrawal documents
Trust & Financial Records
- ☐ Year-end trust statement
- ☐ Quarterly investment statements
- ☐ Administrative fee reports
- ☐ Proof of fiduciary insurance
Compliance Items
- ☐ Form 5500 from prior year
- ☐ Fiduciary committee meeting minutes
- ☐ Notices issued to participants (Safe Harbor, QDIA, etc.)
- ☐ Review of late or corrected deposits
Learn more about 401k Audit and how to prepare for your 401k Audit here
About Rojas, your Audit team
We are known to be one of the best local and national 401k audit firms you can select.
Our firm is large enough to provide audit services and yet small enough to give you responsive, personalized attention. Unlike many firms, our feeling is that monitoring financial results throughout the year far outweighs the “once a year” client approach. We offer quality, timeliness, value, and competitive pricing.
Learn more about Rojas & Associates, CPAs,
by Visiting our site at Rojas CPA
