D.O.L & ERISA Pension Plans Regulations

In certain circumstances, defined benefit and contribution plans require an audit to comply with D.O.L. and ERISA Pension Plan Regulations.  We can assist you in complying with your regulatory requirements.

Our audit services include maintaining the highest level of professional development to bring you excellence in audit efficiency and effectiveness. We utilize an audit risk based approach to auditing by obtaining an understanding of your accounting internal control structure and based upon the knowledge obtained, we assess the strength and weakness of your existing accounting internal control structure and develop an appropriate audit plan.

In complying with the D.O.L and ERISA Pension Plan Regulations and the audit requirement, some plans qualify for a less intensive audit called a “DOL Limited-Scope Audit.” This type of audit is less in scope than a full-scope audit and benefits the employer/sponsor by decreasing the audit time to complete the audit service.

Defined Contribution Plan Audit Requirement Include:

If a company’s 401k plan has 120 eligible participants on the first day of the plan year, a DOL audit is required. Once an audit has occurred, the 401k plan must be audited every year after that until the eligible participant number drops below 100.


D.O.L & ERISA Pension Plan Regulations

Our 401(k) Audit Services Include:

  • Initial determination for audit requirement
  • Remote audit process
  • Obtain and understanding of the plan’s significant compliance provisions
  • Complete 401(k) audit support, from initial document review to issuance of the final report
  • Streamline audit procedures to ensure an efficient audit

Documents included in the Audit Process

Plan Documents

  • 401(k) Adoption Agreement
  • Fidelity Bond
  • IRS Determination Letter
  • Investment Policy Statement
  • Plan Amendments
  • Investment Committee Meeting minutes
  • 401(k) Summary Plan Description

Payroll Documents

  • Payroll Register
  • 401(k) Census File
  • Plan Recordkeeper and Payroll Company SOC1 Report
  • Quarterly Payroll Returns (Form 941s)

Recordkeeper Documents

  • Draft Form 5500
  • Participant Contribution Report
  • Employer Match Report
  • DOL Certification Statement
  • Participants Loan Report
  • Rollover Report
  • Distribution Report
  • Forfeiture Report
  • Compliance Testing Package (top heavy, ADP, ACP, 410b, 402g, etc. results)
  • Participant Statements and Annual Plan Trust Reports
  • Schedule of Deposits to the Plan