Independent Retirement Plan Audits Done Right
If your employee retirement plan has 100 or more participants, you are legally required to undergo an annual independent audit in accordance with ERISA and Department of Labor (DOL) regulations. At Riley & Company, we specialize in conducting accurate, efficient retirement plan audits that help you meet federal requirements and avoid costly penalties. Whether it’s your first audit or an annual process, we make it as clear and stress-free as possible.
Why Choose Us for Retirement Plan Audits?
ERISA and DOL Audit Expertise
With extensive knowledge of benefit plan auditing requirements, we guide you through every step of the ERISA audit process.
Proven Experience with 401(k) and Other Plans
We audit a wide range of retirement plans including 401(k), 403(b), profit-sharing, and employee stock ownership plans (ESOPs).
Efficient, Documented Audit Process
Our team helps gather and organize required documents, ensuring nothing is missed and your records are DOL-ready.
Proactive Compliance
Support
We don’t just audit—we help improve your internal processes to reduce the risk of future issues or fines.
Personalized Service from a Dedicated CPA Team
You’ll work with professionals who know your plan, your business, and how to keep you compliant year after year.
Our Retirement Plan Audit Services Include
Full Compliance Audit under ERISA
We perform independent audits for qualified retirement plans, satisfying DOL and IRS reporting standards.
Document Retrieval & Organization
We help collect executed plan documents, Form 5500 filings, IRS determination letters, and more to support your audit.
Audit Report Preparation
We prepare the full audit report, including footnotes and schedules, and coordinate directly with your plan administrator.
Process Improvement & Risk Mitigation
Our audits highlight administrative risks and provide actionable recommendations to strengthen compliance moving forward.
Support with Plan Committees & Governance
We help you establish a retirement plan committee and advise on best practices for recordkeeping and fiduciary oversight.
Stay compliant and minimize risk with our efficient, CPA-led retirement plan audits.
How We Do It
Initial Consultation & Plan Review
We assess your retirement plan size, structure, and past filings to determine audit scope and timing.
Document Collection & Setup
We work with your plan administrator to gather required documentation and review prior-year filings and plan details.
Fieldwork & Testing
We perform audit procedures including participant testing, contribution validation, and internal control evaluation.
Final Report & Recommendations
We deliver your completed audit report and provide insights to strengthen compliance and plan governance.
Don’t Let a Missed Audit Turn Into a Penalty
If your retirement plan requires an audit, Riley & Company provides the expertise and support you need to stay compliant, avoid penalties, and ensure your plan is operating as it should.
FAQ
Frequently Asked Questions
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When is a retirement plan audit required?
If your employee retirement plan has 100 or more eligible participants at the beginning of the plan year, ERISA typically requires an independent audit.
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What are the consequences of not completing a required audit?
Failure to comply may result in rejected Form 5500 filings, significant IRS or DOL penalties, and reputational risk.
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What documents do I need for a plan audit?
Common documents include plan documents, IRS determination letters, Form 5500s, summary plan descriptions, administrative committee meeting minutes, and prior financial statements.
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Can you help if this is my first audit?
Common documents include plan documents, IRS determination letters, Form 5500s, summary plan descriptions, administrative committee meeting minutes, and prior financial statements.
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Can you help if this is my first audit?
Yes. We guide new clients through the entire process, including document collection, compliance evaluation, and audit completion.
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How long does the audit process take?
Timelines vary based on plan complexity, but most audits are completed within 4 to 8 weeks from document receipt.