Federal law requires administrators of a 401(k) plan subject to ERISA must file an annual report every year.  Plans with 100 or more participants at the beginning of the plan year require having audited financial statements attached to their Form 5500 filings.  

 

Plans with fewer than 100 participants at the start of the plan year and filed as a small plan in the previous year are exempt from the audit requirement.

 

However, plans with fewer than 100 participants that do not meet specific DOL requirements regarding "qualifying plan assets" are not eligible for small pension plan audit waiver and may also need to have an audit.

 

Also, plans with fewer than 100 participants that elect to file as a large plan rather than as a small plan under the 80-120 participant rule in the previous year are also required to engage an independent qualified public accountant in auditing the plan.

 

APN, CPA  provides 401k audits nationally through remote electronic technology.

 

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