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401k Annual Audits: Anticipating Serious and Costly Errors, Understanding the Latest SASs, and Impact of Recent Legislation

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

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Conducted on Wednesday, January 24, 2024

Recorded event now available

or call 1-800-926-7926

This course will provide retirement plan administrators, auditors, and plan sponsors with best practices to prevent serious and costly errors in preparing for 401(k) audits. The panel will explain the pitfalls that practitioners often encounter in these audits and outline recent changes to the audit requirements, including reviewing the latest Statements of Auditing Standards (SASs) and the impact of recent legislation and changes including changes to the 2023 Form 5500, updates to EPCRS, and the SECURE Acts on 401(k) audits.


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 participants with balances (formerly included eligible employees) must attach audited financials to the Form 5500, which are closely scrutinized by the DOL and IRS.

Audit professionals and advisers must know red flags identified by the IRS and DOL in Form 5500 filings and be able to identify these problems prior to filing the Form 5500 to get ahead of any issue with the IRS.

Our panel of veteran professionals will review differences in non-ERISA Section 103(a)(3)(C) and ERISA Section 103(a)(3)(C) audits, recent changes made under SASs affecting retirement plan audits, and new considerations for these audits regarding new legislation and changes including the SECURE Acts.

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 and the SECURE Act modify audit requirements.



  1. 401(k) plan audit overview and best practices
  2. Overview of recent Statement of Auditing Standards
  3. Audit considerations based on recent regulatory updates including changes to the Form 5500, SECURE Acts, and expansion of EPCRS
  4. Challenges to anticipate
    1. Common plan operation errors
    2. Potential corrections under EPCRS, including most recent changes


The panel will address these and other key issues:

  • Understanding the areas of highest risk in 401(k) audits
  • Impact of recent legislation on 401(k) audits
  • Implementing expedient solutions to the most common 401(k) or filing mistakes after the fact
  • Understanding changes made to plan audits by recent SASs


Ciminera, Christopher
Christopher Ciminera, CPA, QKA

Principal, Accounting & Auditing
Belfint Lyons & Shuman

Mr. Ciminera is a member of the firm’s Employee Benefit Plan niche in the accounting and auditing services...  |  Read More

Ryan, Kristin
Kristin Ryan, CPA

CPA, Founder & CEO
Ryan + Mann

Ms. Ryan, CPA, Founder & CEO, has a passion for audit and advisory of employee benefit plans serving the industry...  |  Read More

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