Demystifying plan audits – Proactive risk management can ease the process

Description

Abstract: Generally, the odds of receiving notice from the IRS or Department of Labor (DOL) that they plan to audit a retirement plan are slim. But considering the consequences of an audit, knowing what’s involved can enable sponsors to stay on top of legal and regulatory obligations and help them make it through an audit. This article reviews the differences between an IRS and DOL audit, and common errors that can attract agency attention. A short sidebar discusses the benefits of conducting self-audits on a regular basis.