401(k) Audits: What You Need to Know
Zenefits
JANUARY 2, 2023
These requirements relate to: Establishing the 401(k) plan — e.g., plan document, trust to hold the plan’s assets, and record keeping system. A 401(k) audit focuses on 2 main areas: compliance and financial reporting. Compliance verifies whether the plan is operating in accordance with IRS and DOL regulations and the plan document.
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