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You are busy running a business, which is why we want to make auditing a seamless experience for you.
You are busy running a business, which is why we want to make auditing a seamless experience for you.
At Hallowell 401(k) Assurance, we provide a personalized and streamlined audit approach to minimize your workload.
We are not a general CPA firm. We specialize in providing 401(k) plan audit services. In doing so, we guarantee high-quality audits, timely reports and personalized service.
We provide an efficient way to complete a quality audit with the least interruptions.
To begin the audit process, we will schedule a meeting with the management team overseeing the plan to gain a better understanding of your accounting, the internal controls over the plan and any risks associated with your plan.
Once we receive the necessary documents and learn more about your plan we will pick a sample of participants, distributions, loans and rollovers. We will then request documentation that supports the activity. Generally, 70% of this information can be obtained from your service providers, recordkeepers and third party administrators, which requires very little work from your team.
We verify that your plan is following the terms of your plan documents and is in compliance with Department of Labor (DOL) and IRS regulations.
We verify the information in your financial statements, including required disclosures and on your Form 5500 is reported accurately.
When the audit testing and the financial statements are completed, you will receive a draft of your financial statements and we will discuss any findings found during the audit. You will also receive a management representation letter with a summary of any adjustments the auditor made to the plan’s accounting records. This letter will need to be signed and returned to us prior to receiving your final financial statements.
Once the management representation letter is returned, and you have approved the financial statement draft, we will provide you with the final audited financial statement which needs to be attached to your Form 5500 and sent to the DOL electronically.
The timely fashion of our audit process will ensure that you do not end up paying costly fees for filing you Form 5500 late.
For more information on deadlines for 401(k) plan audits, visit our FAQ page.
