I have handled more audits in the past six months, than in the past 5 years. Whether it’s the Internal Revenue Service or the Department of Labor, I’ve had many cases. Most are of the garden variety, random audits.
Many times, the audits are a result of a participant complaint to the Department of Labor or a Form 5500 error. Regardless of the reason, you need to be prepared. Work with your plan providers to get the information requested and root out any issues that you find, because I hate surprises, on an audit.