Downey and Company, LLP - Expert CPA and Accounting Firm in Boston Home :: Contact Us

401(k) Audit


Each year, 401(k) plans, 403(b) plans, profit sharing plans, defined benefit plans, etc. are required to file an annual return/report regarding their financial condition, investments, and operations. The annual reporting requirement is generally satisfied by filing the Form 5500 Annual Return/Report of Employee Benefit Plan with any required attachments. 

As part of the 5500 filing requirement, the Department of Labor requires large 401(k) plans to file schedule H with their Form 5500.  A large 401(k) plan is generally defined as a plan with over 120 participants at the beginning of the plan year.  Large 401(k) plans generally are required to be audited by an independent qualified public accountant.  

If your organization is required to have a 401(k) audit, during your first year, the audit process can seem overwhelming.  Downey & Company can assist you in making the process seamless.  Downey & Company specializes in 401(k) audits and has audited plans located throughout the United States.  Locations include: Texas, California, North Carolina, South Carolina, New York, Virginia and the New England area.  

For a free 401(k) audit quote, please click here.

For articles on 401(k) audits, please click here.

Downey & Company's 401(k) Audit Approach

Downey & Company provides cost effective 401(k) audits throughout the United States.  We specialize in auditing 401(k) plans.  As such, we can provide significant benefits to the plan sponsor:

Valuing Your Time

Downey & Company will perform your 401(k) audit in a timely manner.  Most firms, especially national and large regional firms, will take months to complete your 401(k) audit.  Our goal is to have each 401(k) audit completed in a few weeks, as opposed to months.  The difference is not in the amount or quality of work.  Rather, the difference is in our approach.  Larger firms will start and stop work on your 401(k) audit several times throughout the engagement.  This approach is extremely inefficient for both the auditors and the plan sponsors.  We do not start new engagements until yours is complete.  We believe that all plan sponsors want their compliance work completed and put behind them as soon as possible.  We value your time.

Cost

The cost of our 401(k) audit is significantly less than the cost charged by larger CPA firms.  There are several reasons we can provide better service than larger firms at less cost:

  • Specialization - We specialize in 401(k) audit plans and know what needs to be done and what does not need to be done.
  • Efficiency - As noted above, we perform our audits efficiently and promptly.  Time savings equals cost savings.
  • Experienced Personnel - We have very limited turnover and the same persons will perform your 401(k) audit on an annual basis. Larger CPA firms simply can not say that.
  • Overhead - Our overhead structure is significantly different from the overhead required by larger firms.  This savings is passed along to our customers.

Audit Quality                    

Downey & Company is a member of the American Institute of Certified Public Accountants 401(k) Plan Audit Quality Center.  This demonstrates our firm's commitment to audit quality in the critical area of 401(k) plans.

For more information on a 401(k) audit, please contact Paul McGovern at pmcgovern@downeycocpa.com or at 800-849-6022.


 

Call Us:

800-849-6022
Need an audit of your 401K plan?

Or Email Us a Question:

* Required