A 401(k) audit is more than just a compliance requirement—it’s an opportunity. At Corrigan Krause, we view every audit as a chance to help our clients strengthen their plan operations, reduce fiduciary risk, and improve participant outcomes.

Here’s how we go beyond the audit to help clients optimize their 401(k) plans:

1. Identifying and Correcting Operational Errors

One of the most immediate ways we add value is by identifying errors that may be impacting plan compliance or participant accounts. Common issues include:

• Late or inconsistent remittance of employee deferrals
• Incorrect application of the plan’s definition of compensation
• Eligibility or entry date miscalculations
• Missed deferral opportunities or match calculations

We don’t just report the issue—we walk you through the correction process and help you evaluate whether a formal IRS or DOL correction program may be necessary and try to help prevent future issues.

2. Reviewing Internal Controls and Roles

Plan administration often involves multiple parties—HR, payroll, third-party administrators—and unclear responsibilities can lead to errors. During our audit, we review your internal controls and offer practical feedback, such as:

• Streamlining approval processes for payroll contributions
• Creating documentation for plan entry tracking
• Strengthening checks and balances over loan processing or hardship withdrawals

Even small changes can have a big impact on accuracy and compliance.

3. Evaluating Service Provider Communication

Many errors we see stem from misunderstandings or poor coordination between employers and third-party service providers. We help bridge that gap by:

• Reviewing service agreements and roles
• Identifying breakdowns in data handoffs (e.g., payroll to recordkeeper)
• Helping you ask the right questions of your TPA or advisor

Better communication leads to better outcomes—for you and your plan participants.

4. Clarifying and Documenting Plan Provisions

We frequently help clients better understand their own plan documents. For example:

• Are you using the correct definition of compensation for match and testing?
• Are eligibility rules being applied as written?
• Is your payroll system set up to match the plan design?

When plan documents, procedures, and systems don’t align, risk increases. We help bring everything into sync.

5. Educating Plan Sponsors on Fiduciary Responsibilities

Many plan sponsors aren’t fully aware of their fiduciary duties. We help close that gap by:

• Explaining fiduciary roles and obligations
• Recommending regular plan reviews and investment committee documentation
• Encouraging a culture of accountability and compliance

Our goal is to empower sponsors with the knowledge they need to oversee the plan with confidence.

6. Providing Forward-Looking Recommendations

Each year, we track audit trends across our client base and share best practices. This includes:

• Suggestions for improving audit readiness
• Insights on Secure Act 2.0 changes and their impact
• Process improvement ideas based on current DOL enforcement priorities

Our clients appreciate that we’re not just checking boxes—we’re helping them evolve with the retirement plan landscape.

Corrigan Krause Can Help

Improving your 401(k) plan starts with the right audit partner. At Corrigan Krause, we use our deep experience and attention to detail to uncover risks, enhance controls, and support better outcomes for sponsors and participants alike.

If you’re looking for more than just a compliance audit, let’s talk. We’re ready to help you strengthen your 401(k) plan from the inside out. Contact us here.