How to Audit 401(k)s

Green checks being made on checklist… and keep the process from lasting forever.

By Jody Grunden

As with any service area, it’s important to have a solid process in place. Without one, it can be a little bit like the Wild West! The 401(k) audit process involves six stages, which are typically completed within four to eight weeks.

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Once a prospective client confirms they want Summit to complete their audit, we send them the engagement letter and the questionnaires along with the governance planning memo that we’re required to give them.