The certified public accountants at Russell Novak & Company are experienced in conducting 401(k), 403(b) and other pension and benefit plan audits for plan sponsors. We understand the fiduciary responsibility involved to properly manage health and retirement funds solely for the benefit of plan participants, as well as the filing requirements for the annual Form 5500.

A quality audit will help protect the assets and the financial integrity of your plan and ensure that the necessary funds will be available to pay retirement benefits to plan participants. A quality audit will help the plan sponsor carry out the legal responsibility to file a complete and accurate annual return/report for each plan year.


Standards and reporting requirements for 401(k) plan audits have grown increasingly complex, and a great deal of specialization is required to maintain compliance with government regulations. As part of any benefit plan audit, we carefully take the following steps:
  • Determine that plan assets are fairly valued
  • Confirm that plan obligations are properly stated and described
  • Verify the timely receipt of plan contributions
  • Validate that benefit payments were made in accordance with plan terms
  • Document that participant accounts are fairly stated (if applicable)
  • Identify any issues that may affect the plan’s tax status
  • Assess the presence of any transactions prohibited under ERISA
Our CPAs understand that an incomplete, inadequate or untimely filing of Form 5500 or audit report can result in expensive and embarrassing penalties, or even termination of the plan.


Choose the type of employee benefit plan audit service that meets your needs:
  • 401(k) audits
  • Defined benefit audits
  • Pension plan audits
  • Defined contribution audits
  • Limited scope plan audits
  • Full scope plan audits
In addition to pension and benefit plan audits for corporations, we could provide 403(b) audits for charitable organizations and schools.


Our experience in auditing employee benefit plans, coupled with our audit approach and working relationship with third party administrators, enables us to perform a cost effective, timely, and comprehensive audit.

We are a member of the American Institute of Certified Public Accountants Employee Benefit Plan Audit Quality Center, a professional standards body that encourages compliance with strict audit policies and procedures. This membership is only available to those firms that pass stringent quality requirements relating to employee benefit plan audits. As a member, we use this resource to improve employee benefit plan audit quality.

Contact CPA Robb Zerfass at 312-464-2955 or via email to discuss your benefit plan audit needs.

We provide the plan sponsor guidance and knowledge throughout the year. We will keep you informed of changes to tax laws or IRS, ERISA or DOL requirements. We understand the importance of conducting a timely, efficient audit. Before starting your audit, we will meet with you to outline the audit requirements, approach and timeline associated with the audit.

Our objective is to complete the audit on-time, on-budget. You will receive a set of financials that meet all statutory requirements, accompanied by a set of relevant and substantive suggestions to help your plan operate more cost-effectively.
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