Defined Contribution Plans
Most company-sponsored 401(k) plans with more than 100 eligible participants are required to include audited financial statements when filing their annual tax return. An incomplete or untimely audit report may result in penalties assessed against you as the plan’s sponsor. That’s why it’s critical that you select a firm that understands the complexities and requirements of the rules and regulations governing your plan. We can guide you through the audit process and help ensure that you are meeting your fiduciary responsibilities.
Sprowls and Company offers the following services for defined contribution plans: limited scope 401(k) plan audits; assistance in determining if you are required to have a 401(k) audit; preparation of Form 5500; assistance with correction of non-compliance with DOL, ERISA, and IRS rules and regulations; internal control assessment; and experience in working with multiple third party administrators.