Anyone that owns a business of reasonable size would want to make sure that no matter what happens this business would be able to provide 401k for all of its employees. That being said, no matter how trustworthy you might think you are the fact remains that you need to justify your 401k plan to your government and it is due to this reason that 401k audits happen and whether you like it or not you are going to have to conform to these audits and make sure that you get through them with flying colors.
Now, you are probably annoyed that you have to deal with all of this and no one can really blame you. However if you were to understand the reason behind why these audits happen you might be able to get through them in a way that would be really feasible for you all in all. For starters you need to realize that a 401k is a huge responsibility. People are depending on you to take care of their money, and if you are not competent enough you might end up spending it without realizing it and this is what the audit is aiming to prevent.
Another thing to keep in mind is that a lot of people are malicious about 401k accounts. They will be making the deductions from their employees’ paychecks but at the same time they won’t be willing to really give that money back to them which is the whole purpose of these accounts. According to Odoni Partners LLC, this type of fraud is quite common and they can help you prove that you are not involved with anything like this either so you can hire them to help you out.