A 401k audit ensures that your company’s 401k plan complies with the requirements set in the plan and with regulations set by the Department of Labor and the IRS. Audits in general are there to ensure that your business is following the rules and regulations. Following the rules and regulations would ultimately keep your business financial reports and documents well organized. During the audit, your financial statements are also evaluated to guarantee the information you have provided is accurate.
If you offer 401k to your employees, whether you are a small, medium, or large company, you should take advantage of a 401k audit. Audits enable business owners to effectively identify and correct problems in their workflows, allowing them to identify and fix pain points in operations. An audit provides directors and management insight into the business processes and controls. The importance of the audit lies in finding any non-compliant parts of your plan, so you can make corrections for the financial safety of your company and employees. An independent CPA or auditor performs 401k audits so that the results are unbiased and objective.
Since 2012, Ageras has helped business owners find the perfect nonprofit auditor for their specific needs. Consulting with an independent CPA or auditor that specializes in nonprofit audits is a great way to alleviate the stress when it comes to audits.
Before getting started, auditors will evaluate each process that the business follows and its financial statements. This will ensure that your business is completely compliant according to the Generally Accepted Accounting Principle (GAAP).
An auditor observes and learns about your business's internal processes in an audit. Taking detailed notes, interviewing employees, and reviewing financial information are all part of this process.
The results of the audit will be reported to either management or the third party that originally requested it, such as shareholders. You will use this auditor's report in follow-up to ensure that you are following the recommendations provided by the auditor.
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