Internal controls shape how your employee benefit plan runs in practice, from eligibility and payroll inputs to contributions and plan transactions. They are also one of the first places audit issues tend to surface.
During an audit, these are the processes auditors test closely. Not just what is written down, but what is actually happening day to day. Gaps can lead to follow-up questions, delays, and rework.
This overview highlights the control areas auditors review most often, what to document, and where gaps in process or oversight can lead to follow-up.
See where your plan may be exposed and what to address before your next audit.
General Disclosure: The information provided in this article is for general informational purposes only and does not constitute professional accounting, tax, or legal advice. Laws and regulations are subject to change and may vary based on specific facts or jurisdictions. Presentation of this information is not intended to create, and receipt does not constitute, an accountant-client relationship. Readers are advised not to act upon this information without seeking the services of a qualified professional.
Clear communication with your third-party administrator and recordkeeper is critical to benefit plan compliance. Learn how Duffy Kruspodin supports accurate reporting and audit readiness for retirement plans.
Are you a business owner or financial professional seeking to master the intricacies of financial audits? Do you want to ensure your company’s financial health, drive growth, and maintain compliance? Look no further! This comprehensive guide will walk you through everything you need to know about financial audits, from their purpose and benefits to preparation […]
Unsure whether your retirement plan needs an audit? This article breaks down audit thresholds, Form 5500, and plan types that trigger ERISA audit requirements.
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