Several events can trigger a DOL or IRS audit, such as employee complaints or self-reporting under the annual submission of the Form 5500. Oftentimes an audit is a random event, which is why you should always be prepared. Listed below are several key items typically requested in an initial letter sent by the IRS or the DOL in connection with a retirement plan audit. These items should be readily accessible by the plan administrator at all times the plan is in operation.
If you have questions about preparing for an audit, or need plan design review assistance, please contact your plan advisor.
Last reviewed 05/24/2022
Click below to get your risk number.