401(k) Auditing Services in Denver

Denver 401(k) Auditing Services

Your employees count on a secure and reliable retirement plan, but deciphering 401k regulations can feel like walking a tightrope. A single misstep could result in costly penalties and employee frustration. Haynie & Company is here to be your safety net, providing in-depth 401(k) auditing services for businesses in Denver.

We recognize the importance of a smooth operating plan that adheres to strict government regulations. Our team of CPAs offers a thorough approach that gives you the confidence you need to ensure your employees’ financial security. Contact us at (303) 734-4800 to learn more about our 401(k) auditing services and schedule a free consultation today.

What Is a 401(k) Audit?

A 401(k) audit is an independent review of your company’s retirement plan, ensuring it complies with the Employee Retirement Income Security Act (ERISA) regulations. This audit verifies the accuracy of participant account balances, plan contributions, and adherence to plan document provisions.

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How to Know You Need a 401(k) Audit

Making sure your company’s retirement plan runs efficiently and adheres to regulations is crucial for both your business and your employees. But how do you know when a simple internal review isn’t enough and a more thorough 401(k) audit becomes necessary? Here’s a breakdown of the key situations that may trigger the need for an audit, along with some additional benefits:

Number of Participants

ERISA requires a full-scope audit if your plan has more than 100 participants at the beginning of the plan year. This rule applies under the “80-120 Rule,” where plans with between 80 and 120 participants can choose to file as a large plan for one year if they haven’t been audited before.

Plan Changes

Changes to your plan, such as amending plan documents or modifying contribution formulas, may necessitate an audit. A 401(k) audit following plan changes ensures the modifications comply with regulations, lessening the risk of future errors.

Department of Labor (DOL) Inquiry

If the DOL investigates your plan, an audit can demonstrate compliance and potentially help you avoid penalties. A timely audit with a clean report can help resolve a DOL inquiry efficiently and minimize potential disruptions to your business.

Reassurance

Even if not mandatory, a 401(k) audit offers valuable insights into plan operations, as well as identifies potential areas for improvement. A voluntary audit provides peace of mind, allowing you to proactively address any issues and ensure the long-term health of your retirement plan.

Our 401(k) Services

No two retirement plans are exactly alike. That’s why Haynie & Company provides 401(k) auditing services that address the specific needs of your 401(k) pension plan audit, whether you have a large organization with hundreds of participants or a smaller business seeking a streamlined approach.

ERISA Section 103(a)(3)(C) Audits

This audit is a streamlined alternative for smaller plans. It focuses on key areas of risk, ensuring your plan remains compliant.

Full-Scope Audits

For plans with over 100 participants, we carefully review all financial transactions, participant accounts, and plan documents to ensure compliance with ERISA regulations.

Internal Control Reviews

We evaluate your plan’s internal controls to identify weaknesses and suggest improvements, mitigating potential errors and protecting your plan assets.

Compliance Testing

We conduct thorough testing of your plan’s operations to make sure they adhere to the Department of Labor (DOL) and IRS regulations.

Form 5500 Preparation

We assist with the accurate and timely completion of the IRS Form 5500, which reports your plan’s financial and operational information.

Haynie & Company goes beyond simply checking boxes; we offer a unique combination of expertise, clever communication, and a proactive approach that ensures your audit is completed correctly while protecting your employees’ retirement security.

Unmatched Expertise

Our team comprises expert CPAs with extensive experience and knowledge in employee benefit plan audits. They possess a deep understanding of plans of all sizes and designs and are proficient in identifying and resolving various types of plan issues. Additionally, our CPAs are not only skilled at performing audits but also adept at required reporting and disclosure.

Focus on Client Communication

We maintain open communication throughout the audit process, keeping you informed and addressing your concerns promptly. From the initial planning stages to the final report, we work closely with you to provide insights and recommendations that enhance the management and operation of your employee benefit plan.

Efficiency & Timeliness

Our team recognizes the importance of minimizing disruption to your business operations. We prioritize completing your audit efficiently while upholding the highest quality standards, ensuring a smooth and timely process.

Proactive Approach

Beyond basic compliance, our CPAs identify opportunities to strengthen your plan. We stay at the forefront of regulatory changes and best practices, ensuring our clients receive the most current and effective audit services.

Take Action Today With Haynie & Company

Haynie & Company is here to lend our expertise to Denver businesses. Our goal is to ensure that your employee benefit plan not only complies with regulatory standards but also operates effectively to serve the best interests of its participants. Contact us today at (303) 734-4800 to learn more about the 401(k) audit requirements and discuss how our 401(k) auditing services can benefit your business and your employees.