Comprehensive audits for employer-sponsored retirement plans of all sizes, from first-year to well-established.
Benefit Plan Audits
DOL-compliant audits for 401(k), pension, and employee benefit plans — helping plan sponsors meet fiduciary obligations with precision.
When Your Plan Requires an ERISA Audit
Managing an employer-sponsored retirement plan brings increasing complexity as your plan grows.
Large Plan Threshold
Once your plan crosses 100 active participants, there is a requirement to undergo an annual ERISA audit. This “large plan” status triggers compliance requirements that must be addressed promptly.
ERISA Compliance
Plan operations must comply with the Employee Retirement Income Security Act. Audits test various aspects of operations, financial reporting, and administration against ERISA requirements.
Stakeholder Assurance
The findings not only provide stakeholders with assurance the plan is in compliance with regulations, but also provide management with access to best practices and important insights.
Form 5500 Requirements
Large plans must attach an independent auditor’s report to their annual Form 5500 filing. Missing or late filings can result in significant penalties.
The WhippleWood Benefit Plan Audit Difference
We bring focused experience to every engagement — delivering insight beyond the audit report to strengthen plan administration.
AICPA EBPAQC Member
Ongoing training through the Employee Benefit Plan Audit Quality Center
Best Practice Insights
Management receives actionable recommendations beyond required testing
Deadline-Driven
On-time delivery to meet Form 5500 filing deadlines
Colorado Experience
Years of experience with defined contribution plans across Colorado
Awards & Recognition
Benefit Plan Audit Services
First-Year Audit or Annual Engagement
Whether your plan just crossed the 100-participant threshold or you are continuing annual compliance, our structured approach keeps the process efficient and on schedule.
Planning
We review your plan document, coordinate with your recordkeeper and custodian, and establish the audit timeline around your Form 5500 deadline.
Fieldwork
Our team tests contributions, distributions, participant eligibility, and plan operations, working closely with your HR and payroll teams.
Delivery
We present findings, deliver your audit report for Form 5500 attachment, and provide recommendations for plan administration improvements.
Meet Your Audit & Assurance Experts
Experienced CPAs dedicated to delivering quality audit and assurance services
Rick Whipple
Managing Partner, CPA
Co-founded WhippleWood in 1981 after beginning his public accounting career in 1978. Rick’s passion for small businesses has taken him to the White House and Capitol Hill, advocating for policies that help entrepreneurs thrive—earning him recognition as a finalist for the National Small Business Advocate of the Year Award. “I have to be knowledgeable and listen intently to each client’s challenges to find a solution that works best for them.”
CPA License: CO #5486 · Masters in Tax Law, University of Denver
Ron Bass
Partner, Audit Services
Leads WhippleWood’s audit practice since 2010, bringing 30+ years of experience including a decade at Florida’s largest CPA firm. Ron has audited publicly traded corporations, benefit plans, nonprofits, and international entities—with deep expertise in IFRS, Single Audits, and peer reviews. His philosophy: “My clients and I actually have the same goal—for the financial statements to be right. If you approach it from that angle, you’re on the same team.”
CPA License: CO #32216 · FL #AC0024348
Kacey Hertel
CPA
Joined WhippleWood in 2013, drawn by the firm’s commitment to “putting the fun back in CPAs.” Specializing in audit and tax services, Kacey is highly proficient with QuickBooks and works closely with clients to help them understand their numbers. “At the end of the day, I just want my clients to feel like they understand the story their financials are trying to tell them—and watching them reach their goals is so rewarding.”
CPA License: CO #29716
Common Questions About Benefit Plan Audits
Once a plan crosses the threshold to “large plan” status (over 100 active participants) there is a requirement to undergo an annual ERISA audit. The auditor’s report must be attached to your annual Form 5500 filing.
An ERISA Section 103(a)(3)(c) audit allows the auditor to rely on a certification from a qualified institution for investment information. This is the most common audit type for 401(k) plans and reduces scope, time, and cost while still testing contributions, distributions, and plan operations.
We will need your plan document and amendments, summary plan description, custodian and recordkeeper reports, payroll records for contribution testing, and documentation for distributions and loans. We provide a detailed request list at the start of each engagement and coordinate directly with your service providers.
First-year audits require more upfront planning and documentation gathering than recurring engagements. We guide you through the process, explain each requirement, and work with your recordkeeper and custodian to obtain necessary information. Our experience with first-year audits means we know how to keep it smooth.
We discuss any findings with management right away. Many issues can be corrected, and we provide recommendations and can assist with the correction process.
Free Benefit Plan Audit Resources
Download our audit preparation checklist and Form 5500 deadline guide.
Ready for Your Benefit Plan Audit?
WhippleWood CPAs provides benefit plan audit services to plan sponsors in Denver and across Colorado. Whether this is a first-year audit or ongoing compliance, our team is ready to help.
Questions? info@whipplewoodcpas.com | 303-989-7600
