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Employee Benefit Plan Audit
Required DOL audits for 401(k), pension, and ESOP plans, performed by experienced benefit plan auditors.
Protect Your Employees and Your Compliance
If your company sponsors a 401(k), pension, profit-sharing, or ESOP plan with 100 or more eligible participants, the Department of Labor requires an annual audit by an independent qualified public accountant. These audits are not optional, they are a legal requirement under ERISA, and failure to comply can result in significant penalties and personal liability for plan fiduciaries.
SMAART Company provides employee benefit plan audit services specifically designed to meet DOL and ERISA requirements. Our experienced auditors understand the unique accounting, compliance, and reporting rules that govern benefit plans, and we work closely with plan sponsors, trustees, and third-party administrators to ensure a smooth, efficient audit process.
Beyond compliance, a benefit plan audit provides valuable assurance that plan assets are properly managed, contributions are accurately recorded, and participant accounts reflect the correct balances.
Core Directives
DOL Compliance
Participant Protection
Fiduciary Protection
Operational Milestones
01
Plan
Coordinate with plan sponsors and administrators to scope the audit and establish timelines.
02
Test
Perform testing of contributions, distributions, participant eligibility, loan activity, and investment allocations.
03
Verify
Confirm plan assets, reconcile custodian statements, and verify compliance with plan documents and ERISA.
04
Report
Issue the independent auditor's report and communicate findings, deficiencies, and recommendations.
05
Support
Assist with Form 5500 filing, corrective actions for any identified deficiencies, and ongoing plan compliance.
Included Services & Outcomes
401(k) plan audits
Defined benefit (pension) plan audits
Employee Stock Ownership Plan (ESOP) audits
Profit-sharing plan audits
Health and welfare benefit plan audits
Form 5500 preparation and filing support
Plan compliance testing coordination
Fiduciary governance advisory
401(k) Audits, Without the Stress.
DOL and ERISA compliance don't have to consume your HR team. We deliver efficient plan audits that satisfy regulators and protect your plan's qualified status.
FAQ
Questions &
Answers
Get answers to the most common questions about our employee benefit plan audit services.
Under ERISA, any employee benefit plan with 100 or more eligible participants at the beginning of the plan year must undergo an annual audit by an independent qualified public accountant. This applies to 401(k)s, pensions, ESOPs, and most other qualified plans.
The DOL can impose penalties of up to $250 per day per participant for late or missing Form 5500 filings that should include an audit report. Plan fiduciaries may also face personal liability for compliance failures.
Most plan audits take 4-8 weeks from fieldwork to report issuance, depending on plan complexity, participant count, and the readiness of plan records. We provide a detailed preparation checklist to minimize delays.
Yes. We work directly with your TPA, recordkeeper, and custodian to obtain confirmations, participant data, and plan documents. Our goal is to make the process as seamless as possible for the plan sponsor.
Fixed engagement fee based on plan type, participant count, and asset size. Most 401(k) audits fall into predictable bands, you see the total cost in writing before fieldwork begins. No hourly billing, no surprise invoices.
Keep Your Benefit Plan Compliant
SMAART Company's experienced benefit plan auditors ensure your 401(k), pension, or ESOP meets every DOL requirement. Contact us to schedule your plan audit.
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