Will Updated DOL 401k Audit Requirements Affect Your Audit?

In this article, we'll explain the changes to the DOL 401k audit requirements and how they might affect your benefit plan audit engagement.

New 401(k) Audit Rule for Form 5500 is Good News for Small ...

The DOL expects the change to eliminate the audit requirement for 20,000 small business 401(k) plans - good news when you consider the cost ...

New Form 5500 Rule Impacting the Audit Requirement for ...

The DOL also expects this change to eliminate the audit requirement for approximately 20,000 defined contribution employee benefit plans.

New Audit Rules for 2023 5500 Forms - Watkins Ross

A large plan is required to complete a Form 5500 with more schedules and attach an audit report when filing the 5500. While 100 eligible ...

Fewer 401(k) Plans Will Require A 5500 Audit Starting in 2023

Due to a recent change in the way that the DOL counts the number of plan participants for purposes of assessing a large plan filer status, many ...

401k audit requirement changes – understanding the details.

If you have a plan that has 100 or more account balances on January 1, 2023 (assuming the plan had an audit in the prior year), and audit will ...

Form 5500 participant counting change impacting audit requirements

In 2023, the DOL revised instructions for determining whether a plan is deemed large and required to undergo an annual audit. The new rules ...

401(k) Audit CPA Success Show: What to Ask Your 401(k) Auditor ...

Four changes may impact your 401(k) plan's 2023 audit. As the plan administrator or sponsor, it's imperative to take this time to consult ...

New Form 5500 Audit Requirements

In balancing the costs and benefits of an audit, the final rule reflects the DOL's belief that the cost of audits is more appropriate for plans ...

401k Resource Guide Plan Sponsors What if You are Audited - IRS

The DOL has primary jurisdiction over the fiduciary standards, reporting and disclosure requirements ... will have the greatest positive impact ...

How Changes to Form 5500 Rules May Affect Audit Requirements

Some employers who have had to conduct audits in past years may find that the new procedure for counting participants in an EBP relieves them of ...

Retirement plan audit and contribution considerations - RSM US

If an audit is needed, or if it's discovered a plan that has been audited in the past will not have an audit requirement for 2023 because of the ...

DOL Audit Results: What You Need to Know | Moore Colson

Explore the importance of employee benefit plan audit quality, recent study findings, and how sponsors can protect retirement assets.

DOL Announces Changes to Calculating Plan Audit Threshold | SC&H

Generally, an employee benefit plan audit is required for all large benefit plans with over 100 participants at the beginning of the plan year. Before 2023, ...

Fact Sheet: Changes for the 2023 Form 5500 and Form 5500-SF ...

The second is a DOL-only rulemaking notice with ... DCG arrangement and small plans not meeting the audit waiver conditions will still be.

Changes to IRS Form 5500 May Impact Your Employee Benefit ...

Based on 2020's Form 5500 filing statistics, the DOL anticipates that thousands of plans will no longer need an audit beginning with its 2023 ...

Employee Benefit Plan Audits: What You Need to Know…

Defined contribution plans (including 401(k), 403(b) and employee stock ownership plans), as well as defined benefit pension plans and health ...

Selecting an Auditor for Your Employee Benefit Plan

Federal law and DOL regulations permit the plan administrator to agree that the plan auditor will not perform auditing procedures with respect to a statement or ...

The Department of Labor (DOL) Limited-Scope Audit is Changing ...

If you previously had a DOL limited-scope audit performed on your 401(k) or employee benefit plan, you should be expecting some changes to ...

New 401k Plan Audit Rules for 2024 - LSL CPAs

The DOL Department of Labor has made some noteworthy changes to the financial statement audit requirement for retirement plans.