Some retirement plans are required to have an independent audit as part of the annual Form 5500 filing. Whether an audit is required can depend on several factors, including plan size, plan assets, bonding, and required participant disclosures. Understanding these requirements early can help plan sponsors prepare more effectively and avoid last-minute surprises.
TNJ helps clients prepare for the audit process by coordinating the plan information, reports, and documentation typically requested by the auditor. Because much of this information may come from multiple sources, including the employer, recordkeeper, payroll provider, advisor, and prior administration records, staying organized can make a meaningful difference.
Our audit support may include assistance with:
- Annual administration reports
- Participant census data
- Eligibility and entry information
- Contribution and payroll records
- Vesting and distribution information
- Loan records, if applicable
- Compliance testing results
- Form 5500 information
- Plan document and amendment materials
- Summary Plan Descriptions and required notices
- Trust, asset, and recordkeeper reports
- Responses to plan administration and compliance-related auditor questions
We help gather, organize, and explain the items needed for the audit, while coordinating with recordkeepers and other service providers when their reports or records are required. We also assist with auditor questions that relate to plan provisions, annual administration, compliance testing, contribution calculations, participant eligibility, and other areas within our administrative work.
An audit can feel like a heavy lift for plan sponsors, especially when requests come from different directions or involve detailed historical information. TNJ helps bring order to the process so the employer and auditor have the information needed to move the audit forward.
Our goal is to make the audit process more organized, efficient, and manageable by supporting clear communication, timely documentation, and coordinated follow-through.