Audit Support
We play an essential role in supporting a 401(k) plan audit by providing expert guidance on plan compliance and operations. We can assist in preparing for the audit by reviewing plan operations, procedures, and documentation to identify potential compliance issues and help develop corrective action plans to address them. We can also help gather the necessary documents and information required for the audit and work with the plan auditor to ensure that all regulatory requirements are met.
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Moreover, we can offer a fresh perspective on the audit process and provide unbiased feedback on areas for improvement. We can provide recommendations on best practices for plan administration and fiduciary responsibility to ensure that the plan is managed in accordance with all regulatory requirements.
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Throughout the audit process, we can act as a liaison between the plan sponsor and the auditor, providing insights and clarifying any issues or concerns. We can also help interpret the audit findings and recommendations, and assist in implementing any necessary corrective actions to ensure ongoing plan compliance.
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Overall, our experience and expertise in 401(k) plan administration and compliance can be invaluable in providing audit support and helping plan sponsors navigate the complexities of the audit process, ultimately helping to protect the plan and its participants.