Industries - 401(K) Plan Audits

Experience matters.

The benefit plan audit requires specialized knowledge and attention. Larson & Company exhibits our commitment to performing high quality audits through our firm membership in the AICPA Employee Benefit Plan Audit Quality Center.

Over the past few years, regulatory agencies have consistently issued new quality standards governing plan investment, management, participant administration and disclosures. Now more than ever you need a firm that specializes in this type of audit. Larson & Company focuses on bringing high quality audits to plan sponsors across Utah. We work with single employer plans with 125 total employees to mature multi-employer plans with thousands of participants. We also provide audit services to plans with SEC 11K filing requirements.

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"When we needed to find a new 401k auditor, Diane Nesbit from Larson & Company stood out from the rest. Working with Larson has been an exceptional experience. Their professionalism, responsiveness, and attention to detail have surpassed our expectations. From start to finish, they have effortlessly met our 401k auditing needs. Their team is not only knowledgeable but also incredibly easy to work with, making the audit process seamless and stress-free. We recommend Larson to any company seeking top-notch audit services."

- ELISE CONN, BENEFITS MANAGER, SOFTWARE TECHNOLOGY GROUP

"We engaged Larson & Company for our Pooled Employer 401(k) Plan (PEP) audit, and the experience was exceptional. Their team demonstrated professionalism and expertise throughout the process. The nature of this plan is quite complex. They were responsive, detailed, and efficient. The entire audit was conducted smoothly and within the agreed timeline. We highly recommend Larson & Company for their outstanding service and audit expertise."

- JENNIFER FULLER, QKC QKA CRPS, CHIEF EXPERIENCE OFFICER, ELEVATE 401(K)

WHEN IS A 401K PLAN REQUIRED TO BE AUDITED?

An audit is required to be performed by a qualified third party CPA firm when certain conditions are met, primarily when total participants with account balances reach 100 and the plan is deemed a "large" plan, plans that are required to file Schedule H with the Form 5500.

WHY SHOULD I LOOK FOR AN AUDIT FIRM THAT IS A MEMBER OF THE EBPAQC?

Studies by the Department of Labor of employee benefit plan audits show a much smaller deficiency rate in firms that belong to the EBPAQC than those that do not. This is a very significant factor to consider, given the fiduciary responsibility of the plan sponsor to have a quality audit performed.

I NEED AN AUDIT, WHAT’S NEXT?

First, you will need to determine what type of audit you need - an ERISA Section 103(a)(3)(C) audit or a Non-ERISA Section 103(a)(3)(C) audit.

WHAT IS THE AUDIT FILING DEADLINE?

The audit report must be attached to the Form 5500, so it is subject to 5500 filing deadlines. The 5500 is due seven months after the last day of the plan year, but may be extended for an additional two and a half months.