401(k) Audits

Specializing in 401(k) Audits

Lindquist is an industry leader in performing employee benefit plan audits, and we have made audits of 401(k) plans a specialty of our firm. We currently conduct employee benefit plan audits for approximately 200 plans and trust arrangements, with total assets ranging from $1 million to more than $40 billion. Some of these plans have fewer than 200 participants, some have more than 500,000.

Large accounting firms or small inexperienced firms often don’t regard 401(k) audits as a priority engagement and, as a result, frequently staff their audit teams with junior auditors. That is not the case with Lindquist—for us, 401(k) audits are a priority and specialty. As our client, you will work with auditors who know your industry and understand your issues. In addition, because we minimize staff turnover on our audit teams, you are likely to work with the same team members each year. The bottom-line benefit to you of these policies is that you won’t have to spend time training our auditors.

Systems to Support Our Specialty

Because 401(k) audits are our specialty, we’ve designed our systems, policies and procedures to support them. Our staff includes 11 partners who have more than 200 combined years of specialized experience auditing retirement plans and who have extensive experience working with a number of trustees, record keepers and third-party administrators.

Qualified Auditors

All members of our certified audit staff are dedicated employee benefit plan auditors, that is, they routinely perform employee benefit plan audits and have a solid understanding of Employee Retirement Income Security Act of 1974 (ERISA) requirements. They attend conferences of the American Institute of Certified Public Accountants (AICPA), the International Foundation of Employee Benefit Plans (IFEBP), and the Western Pension and Benefits Council, as well as state CPA society seminars, self-study courses and in-house sessions. Our partners have served as speakers, moderators and committee members for the IFEBP and the AICPA, which focus on emerging issues that affect benefit plans.

In our capacity as subject matter experts, we produce and make available to our clients and others seminars and newsletters with timely and pertinent updates about regulatory developments relating to 401(k) plans.

All Auditing Firms Are Not Equal

A recent study by the U.S. Labor Department’s Employee Benefits Security Administration found that only 61 percent of audits fully complied with professional auditing standards or had only minor deficiencies under professional standards. The remaining 39 percent of the audits contained major deficiencies, which put $653 billion and 22.5 million plan participants and beneficiaries at risk.

Our highly experienced staff members perform audits that meet the highest standards of quality. As a member of the Employee Benefit Plan Audit Quality Center of the American Institute of Certified Public Accountants, our firm meets specific practice management requirements in the areas of training, quality control and self-monitoring. In addition, as a member firm, we have access to exclusive resources for employee benefit plan audits.

Adding Value Beyond the Audit

Because we have performed so many 401(k) audits, we’re not overwhelmed, as junior auditors often are, by the fundamentals of performing the audit. As a result, in addition to performing the highest-quality audit, we can add value by recommending ways to refine your procedures and operations or by alerting you to potential compliance issues. In the case of merger activity, for example, we can perform due diligence on an acquisition target’s 401(k) plan to minimize the possibility that your plan could become unqualified after the merger.

Call Anytime

As we do with all clients, we strive to establish a year-round, bigger-picture relationship with our   401(k) clients so that you feel comfortable calling us at any time with questions, and we can take the initiative to speak with you about important regulatory changes that may affect your plan.

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401(k) Plan Audit Services

  • Limited-scope and full-scope audits
  • Preparation of government filings (Form 5500)
  • Consulting and special projects
  • Help with ERISA compliance

Lindquist is an industry leader in performing employee benefit plan audits, and we have made audits of 401(k) plans a specialty of our firm. We currently conduct employee benefit plan audits for approximately 200 plans and trust arrangements, with total assets ranging from $1 million to more than $40 billion. Some of these plans have fewer than 200 participants, some have more than 500,000.

Large accounting firms or small inexperienced firms often don’t regard 401(k) audits as a priority engagement and, as a result, frequently staff their audit teams with junior auditors. That is not the case with Lindquist—for us, 401(k) audits are a priority and specialty. As our client, you will work with auditors who know your industry and understand your issues. In addition, because we minimize staff turnover on our audit teams, you are likely to work with the same team members each year. The bottom-line benefit to you of these policies is that you won’t have to spend time training our auditors.

Systems to Support Our Specialty

Because 401(k) audits are our specialty, we’ve designed our systems, policies and procedures to support them. Our staff includes 11 partners who have more than 200 combined years of specialized experience auditing retirement plans and who have extensive experience working with a number of trustees, record keepers and third-party administrators.


401(k) Plan Audit Services

  • Limited-scope and full-scope audits
  • Preparation of government filings (Form 5500)
  • Consulting and special projects
  • Help with ERISA compliance

Qualified Auditors

All members of our certified audit staff are dedicated employee benefit plan auditors, that is, they routinely perform employee benefit plan audits and have a solid understanding of Employee Retirement Income Security Act of 1974 (ERISA) requirements. They attend conferences of the American Institute of Certified Public Accountants (AICPA), the International Foundation of Employee Benefit Plans (IFEBP), and the Western Pension and Benefits Council, as well as state CPA society seminars, self-study courses and in-house sessions. Our partners have served as speakers, moderators and committee members for the IFEBP and the AICPA, which focus on emerging issues that affect benefit plans.

In our capacity as subject matter experts, we produce and make available to our clients and others seminars and newsletters with timely and pertinent updates about regulatory developments relating to 401(k) plans.

All Auditing Firms Are Not Equal

A recent study by the U.S. Labor Department’s Employee Benefits Security Administration found that only 61 percent of audits fully complied with professional auditing standards or had only minor deficiencies under professional standards. The remaining 39 percent of the audits contained major deficiencies, which put $653 billion and 22.5 million plan participants and beneficiaries at risk.

Our highly experienced staff members perform audits that meet the highest standards of quality. As a member of the Employee Benefit Plan Audit Quality Center of the American Institute of Certified Public Accountants, our firm meets specific practice management requirements in the areas of training, quality control and self-monitoring. In addition, as a member firm, we have access to exclusive resources for employee benefit plan audits.

Adding Value Beyond the Audit

Because we have performed so many 401(k) audits, we’re not overwhelmed, as junior auditors often are, by the fundamentals of performing the audit. As a result, in addition to performing the highest-quality audit, we can add value by recommending ways to refine your procedures and operations or by alerting you to potential compliance issues. In the case of merger activity, for example, we can perform due diligence on an acquisition target’s 401(k) plan to minimize the possibility that your plan could become unqualified after the merger.

Call Anytime

As we do with all clients, we strive to establish a year-round, bigger-picture relationship with our   401(k) clients so that you feel comfortable calling us at any time with questions, and we can take the initiative to speak with you about important regulatory changes that may affect your plan.