One of our most requested issues by our clients is help with a Department of Labor audit, and it’s easy to see why. The fines for submitting documents incorrectly or without critical information can easily create an add up to hundreds of thousands of dollars, and that’s without taking into account the lost time from administrators and lawyers fees.
This article will make you as prepared as you can be without hiring a lawyer to go over your accounting and documentation. Don’t worry though, it’s not complicated, it just requires some planning and a small amount of organization.
A Department of Labor (DOL) audit is essentially a check that certain documents are kept for the appropriate amount of time, certain documents are sent to appropriate parties, and that the numbers add up - checking that there isn’t embezzlement or forged records.
The authors of this blog are Charles Best, Daniel Best, and Jonathan Rudnick.