Large Plan Audits

SERVICES

Large Plan Audits

Simplify your audit with trusted expertise.

The key to a more streamlined audit process is to partner with a service provider who delivers outstanding service and expertise. We ensure that your audit experience is smooth and hassle-free.

HOW WE HELP

Expertise & Experience

Our knowledgeable team has years of experience handling large plan audits.

Personalized Service

We understand that every client is unique, and we tailor our approach to meet your specific needs and preferences.

Innovative Solutions

We use the latest tech and best practices to deliver efficient, effective service.

Transparent Communication

We keep all parties informed throughout the audit process, ensuring you always know the status and next steps.

Direct Collaboration

Partnering with auditors, we ensure everything’s ready to keep audits efficient.

Experience a Smoother Audit Process

Experience a Smoother Audit Process

With LRS, your large plan audit is no longer a source of stress. Our streamlined approach ensures clear expectations, reduces workload, and provides a more organized and efficient process. Let us help you navigate your audit with ease and confidence.

Connect With Us
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What is the Large Plan Audit?

The plan audit is a set of audited financial statements for the plan, complete with the independent auditor’s opinion, footnote disclosures, and supplemental schedules required under ERISA.

The purpose of the audit is to review the financial health and compliance of the plan, not to review the service providers or the plan as a whole.

The Large Plan Audit can be a complex and the LRS team is very experienced at simplifying the process. Our work starts early in the year to compile the reports necessary for audit and we work closely with the auditor team to complete for a timely 5500 filing.

When must a retirement plan engage in a Large Plan Audit?

Any new retirement plan that has 100+ accountholders or 120+ accountholders after the first year (active and/or terminated employees with a balance in their retirement account) the plan is required to include an independent audit report from a certified public accountant, with the Form 5500.

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What are the penalties for not completing a Large Plan Audit?

IRS penalties for not completing a LPA are the same as not filing a 5500; $25/day, with a maximum fine of $15,000. The DOL penalty for late filing can run up to $2,529 per day, with no maximum.

Reduced Workload

We take care of time-consuming tasks, phone calls, emails, and data collection for you, reducing stress and increasing efficiency.

Proactive Preparation

We minimize last-minute requests and chaos by anticipating audit needs and collecting data beforehand.

Efficient Timeline

On average, our audits are completed within about 4 to 6 weeks, reducing the duration and intensity of the process.