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Get a Comment Letter From Your 401(k) Auditor?


Comment letters are the communication that auditors give their clients at the end of the audit to note whether there were any issues while they conducted the audit. The issues discussed are usually around internal controls. If there were any weaknesses in controls during your 40(k) audit, this letter would apprise you of what the issue was and any recommendations the auditor may seem fit to rectify it. The question is, have you looked over this letter from your last audit, or did you just throw it in a file cabinet?


It may be a good idea to pull this letter out if you have not reviewed it from your last audit, because we auditors don't write these letters for just the fun of it. This letter communicates the issues that need corrected as soon as possible to be sure your Plan is operating within the guidelines of the Plan document and the Department of Labor (DOL) regulations. So, it is highly recommended to take action on the items listed in the letter quickly, especially if the DOL ever decided to come knocking on your door to do a review of your Plan and those issues still exist.


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