401(k) Benefit Plan Audits: What You Need to Know

It’s already midyear, and that means it’s the perfect time to review the audit requirements for your company-sponsored employee benefit plans. One of the most important and complex audits is the annual audit of your 401(k) plan. Here are some general tips and guidelines to help you understand when you’ll need an audit and what to expect during the process.

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Understanding Audits for Nonprofits (Part 1)

Going through an audit can be a very daunting experience. That goes for both independent audits of your financial statements as well as those necessitated by the IRS. Even though an independent audit has a completely different purpose than an IRS audit, the process can feel equally stressful if you don’t know what to expect. So, how do you know if you need a financial statement audit? When should you begin?

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The Financial Audit: An Unexpected Catalyst for Efficiency and Growth

Most people hear the word “audit”, think of the IRS, and shiver. But in the business and nonprofit worlds, a financial statement audit is simply a commonplace process used to provide information to various groups, including banks, investors, grantors and the state. Savvy business owners and nonprofit leaders know a well-kept secret: audits identify ways to improve internal controls, the bottom line and convey that information to all interested parties.

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IRS Audits: What You Need to Know

No one like to be in the IRS’ spotlight, but the reality is that audits can happen to anyone. We’ve detailed the three types of IRS audits to keep you from being blindsided in the event of an audit.

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