Audits of 401(k) plans are common practice in the accounting profession, whether required for Form 5500 reporting purposes or completed on a voluntary basis. The Employee Retirement Income Security Act of 1974, as amended (ERISA), and the Internal Revenue Code of 1986, as amended (the Code) are the primary laws that govern 401(k) plans and under which most issues arise. A failure to identify and correct errors that arise in connection with a 401(k) plan audit risks exposing the plan to potential liability or disqualification. In the September/October 2023 issue of the Nebraska CPA, Peter Langdon provides a brief overview of some of the more common issues that arise in auditing 401(k) plans, the rules that apply to those issues, as well as potential resolutions.

Read his full article at the link below. 

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