401(k) Plan Audit Services

Rizick & Rizick CPAs has developed standardized and efficient procedures that produce quality audits and reports. Being laser-focused on 401K plan audits means lower overhead and lower costs passed to our clients.

Not only will you spend far less on your required 401K plan audit, you’ll likely find the transition process virtually pain-free. Decades of audit experience are brought to bear on smoothing the transition from your former auditor to our streamlined process.

If your 401K plan is managed well with few problems, why would you pay more than $9,900 to have it audited? Because you manage your plan well, we’ll run into fewer issues, which means we can lower our fee for auditing defined contribution plans (401K and profit sharing) that qualify for a limited-scope audit. Defined benefit plans are not included.

Once you request our services, we’ll send you an engagement letter via email outlining the details of our engagement. With the letter you’ll receive two easy-to-follow lists: one, detailing the documents we’ll need from you right away; and a second for when your plan information becomes available to send.

You may submit materials via our secure portal or postal service. We will not visit your company except as requested by you and at additional cost. Upon completion of your audit, we will review the financial statements and any findings with you and provide a management representation letter for you to sign and return to us.

Our objective is to perform your audit efficiently and quickly for $9,900. This requires your cooperation and responsiveness in providing the requested information in a timely and accurate manner. We do not prepare the Form 5500 filings.

Quality 401K Plan Audits at a Lower Cost

Additional auditor time is billed at $250/hour should we run into issues that need further attention, including, but not limited to the following:

• Your plan is required to have a full scope audit.
• Your plan is not in compliance with DOL rules and regulations.
• Your plan does not comply with its plan document.
• Your plan changes TPAs or investment firms during the plan year.
• Your plan merges with other plans.
• Your prior year audit report and/or tax form contains errors.
• Your employees, pension consultant, or third-party administrator make errors and provide incorrect information.
• Your plan is unusually complex.
• Your plan sponsor has over 500 employees.

How are payments timed?

An initial payment of $2,500 is due upon return of the signed engagement letter. This payment secures your place for Rizick & Rizick to perform your audit. Upon receipt of the plan information we request from you, we begin the planning process. Occasionally, our review of your submitted documents uncovers issues that require services not included in our streamlined audit process. Examples are outlined above. Any additional services and fees will be discussed and agreed on in such instances. A second payment of $5,000 is due when 2018 plan information is ready for audit. The balance of $2,400, plus any additional fees applicable, is due when we agree on the draft report.

Contact us to reserve your spot for your reduced-cost 401K plan audit. Download a copy of this info

*Additional fees will be discussed and agreed on should unanticipated issues arise.