From the annual hassle of engaging an accountant to review retirement plan financials to the ever-present threat of a Department of Labor investigation, “audit” is practically a four-letter word for plan sponsors, advisers and administrators. But they don’t have to be a bad thing.
In fact, regularly conducting “mini” plan audits allows compliance to be broken down into more manageable, bite-sized pieces. These voluntary reviews require minimal time and resources and can pay big dividends. Not only do they help ensure plans are running smoothly in advance of a required plan audit, they also may uncover issues that aren’t on an accountant or auditor’s watchlist.
