Benefit Plan Audits

Assurance Dimensions

Benefit Plan Audits

Assurance Dimensions utilizes experienced personnel to perform its services which reduces the level of effort required by our clients’ teams. We also collaborate with the third-party administrator, investment advisor and providers to complete the audit. Our team completes over 100 401(k), 403(b), 401(a) and defined benefit plan audits annually.  The plans ranged from 100 to 10,000 participants and included plans audited for the first time and plans with complex investments such as guaranteed interest contracts.

As part of the audit, we will prepare the audited financial statements and issue a management letter to communicate any risks or suggested improvements as the end deliverables.

We are a member of the AICPA Employee Benefit Plan Audit Quality Center.  Being a member of this group requires specific training and peer review focus associated with employee benefit plans.  We also have key relationships with plan providers, plan consultants and ERISA attorneys that have significant retirement plan experience that will be used in addition to our concurring partner to consult on any specific issues.

What sets Assurance Dimensions’ benefit plan audit service apart from the rest?

  • Fixed fee pricing to give you assurance on the value you are receiving for our services
  • Efficient and effective audits that only firms that complete several retirement plan audits can provide
  • Utilizing only experience personnel to save you from having to teach an audit team about retirement plan requirements

Benefit Plan

Frequently Asked Questions

FAQ: When do you need to have a 401k audit?

Answer: A retirement plan requires an audit by an independent qualified public accountant (a CPA) when there are over 100 eligible participants as of the beginning of the plan year. Eligible participants include actively participating employees, eligible but non-participating employees, and terminated employees that have left money in the plan.

FAQ: What are the responsibilities of a fiduciary?

Answer: A fiduciary status is based on the functions performed for the plan, not just a person’s title. The fiduciary of a plan can be an individual, a committee, who acts on behalf of the participants in a retirement plan. These responsibilities include:

  • Acting solely in the interest of plan participants and their beneficiaries and with the exclusive purpose of providing benefits to them;
  • Carrying out their duties prudently;
  • Following the plan documents (unless inconsistent with ERISA);
  • Diversifying plan investments; and
  • Paying only reasonable plan expenses.

FAQ: What are the 401k withholding limits for 2019?

Answer: Employees participating in a 401k plan may withhold up to $19,000 during 2019, and make an additional $6,000 catch-up contribution if they are over 50.

FAQ: What is a fidelity bond?

Answer: The ERISA fidelity bond (or equivalent crime insurance coverage) is a requirement to protect the participants of the plan from fraud and dishonesty. ERISA Section 412 requires that the bond insure the plan from the first dollar of loss up to the maximum amount for which the person causing the loss is required to be bonded. The minimum required coverage is the lesser of 10% of beginning net assets or $500,000.

Let's Get Started

We look forward to hearing from you. You can also send a message or request an appointment through the contact form below.

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Audit Scope
For this question, please choose if your Plan audit is "limited scope" or "full scope"?

First Year Audit?
Is this the first year that your audit is required by the Department of Labor?

Plan Size: # of Eligible Participants
Please choose the number of "eligible participants" on your plan

Is an 11-K filing required?
Does the company issue publicly traded securities?

Number of Payrolls: # of Companies Included in the Plan
Please choose the number of separate payrolls that are run for each company per payroll period.

Change in trustee/custodian in the last year?
Did you change the custodian or trustee during the current audit year?

Terminating the plan?
Is this a final plan audit?

Questions or Comments

(813) 443-5048

Tampa Bay

4920 W Cypress Street, Suite 102
Tampa, FL 33607


4720 Salisbury Road, Suite 223
Jacksonville, FL 32256

South Florida

2000 Banks Road, Suite 218
Margate, FL 33063


1800 Pembrook Drive, Suite 300
Orlando, FL 32810