401k Annual Audits: Anticipating Serious and Costly Errors, Understanding the Latest SASs

Recording of a 110-minute CPE video webinar with Q&A

Conducted on Tuesday, January 19, 2021

Recorded event now available

or call 1-800-926-7926

This course will provide employee benefits administrators, auditors, and plan sponsors with best practices to prevent serious and costly errors in preparing for 401k audits. The panel will explain the pitfalls that practitioners often encounter in these audits and outline changes to these audits and the accountants' report under the latest Statements of Auditing Standards (SASs).


Proficiency in administrating and auditing 401(k) plans requires staying on top of myriad and ever-changing IRS, DOL, and accounting rules and regulations. Most 401(k) plans with more than 100 eligible participants are required to file audited financials along with Form 5500, which are closely scrutinized during DOL audits.

Benefit audit professionals and advisers must know the red flags for the IRS and DOL in a Form 5500 before filing--and be able to identify problems in prior filings to get ahead of any issue with the IRS with appropriate amendments.

Our panel of veteran professionals will explain the changes made under the SAS Nos. 136 and 134 to ERISA Section 103(a)(3)(C) audits f/k/a limited scope audits and to the auditors' report. These changes are effective for periods ending on or after Dec. 15, 2021, with earlier implementation permitted. Plan auditors should understand how the latest SASs affect current audits.

Listen as our panel offers best practices and insights based on real world experience for avoiding common high risk mistakes associated with 401(k) audits. The panel will also outline approaches to identify and correct plan errors before an audit or after a filing and how recent SASs modify audit requirements.



  1. 401k plan audit overview and best practices
  2. Overview of recent Statement of Auditing Standards
  3. Challenges to anticipate
    1. Common plan operation errors
    2. Potential corrections under EPCRS


The panel will address these and other key issues:

  • Understanding the areas of highest risk in 401k audits
  • Identifying and avoiding the most common mistakes in 401k audits
  • Implementing expedient solutions to the most common 401k or filing mistakes after the fact
  • Understanding changes made to plan audits by recent SASs


Hurd, Maria
Maria Hurd, CPA, RPA

Director and Shareholder
Belfint Lyons & Shuman

Ms. Hurd is responsible for planning, supervising and reviewing audits of single and multi-employer benefit plans....  |  Read More

Moore, Kim
Kim Moore, CPA

Director of Auditing
Summit CPA Group

Ms. Moore has led the firm’s audit division through a period of significant growth. The team currently completes...  |  Read More

Ryan, Kristin
Kristin Ryan, CPA

Senior Manager, Audit
PKF Texas

Ms. Ryan leads the firm’s employee benefit plan audit and advisory practice with growth-minded efforts and has...  |  Read More

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