Employee Benefit Plan Audits
Form 5500 Audit & Filing Support
Modus helps you get the audit your Form 5500 needs, faster, so your DOL filing stays on time.
A Form 5500 audit is the independent examination that attaches to a large plan’s annual DOL filing, and Modus helps sponsors get that audit done faster so the filing stays on time. With Modus, the audit behind your Form 5500 gets top-firm rigor and AI-native speed on your timeline.
What is a Form 5500 audit?
A Form 5500 audit is the independent examination of a plan’s financial statements that a large employee benefit plan must attach to its annual Form 5500, filed with the Department of Labor. The audited financial statements are included as Schedule H, and the audit satisfies ERISA’s reporting requirement for plans above the small-plan threshold.
Form 5500 itself is the annual return that reports a plan’s financial condition, investments, and operations to the DOL, IRS, and PBGC.
Who needs a Form 5500 audit?
The audit requirement is generally tied to plan size, and it applies to large retirement and funded welfare plans.
- Plans with 100 or more eligible participants generally must attach an audit.
- Participants are counted based on those with account balances at the beginning of the plan year.
- The 80-120 participant rule lets some plans keep filing as they did the prior year.
- Small plans below the threshold generally file without an audit attached.
What Form 5500 audit and filing support covers
- Audited financial statements prepared for attachment as Schedule H.
- Reconciliation of Form 5500 schedules to the plan’s financial records.
- Contributions, distributions, participant data, and investment activity.
- Coordination with your recordkeeper, TPA, and filing preparer.
- Internal controls and compliance with the plan document.
How Modus helps with your Form 5500 audit
Modus helps you get the audit behind your Form 5500 done at the speed of business. Its AI-native platform automates the most time-intensive fieldwork and reconciles the financial statements to the 5500 schedules, which is how a Modus-supported audit can target a turnaround of roughly four weeks. Workpapers are source-linked, so each figure traces back to its supporting document.
That efficiency changes your experience. Modus’s platform cuts the document requests and questions your team fields, and it coordinates with your filing preparer so the DOL deadline stays comfortable.
Why choose Modus
- Top-firm audit rigor at a middle-market price.
- A target turnaround of roughly four weeks to keep your Form 5500 deadline comfortable.
- Source-linked workpapers that reconcile cleanly to your 5500 schedules.
- Up to roughly 50% fewer questions for your team during fieldwork.
Frequently asked questions
Where does the audit attach on the Form 5500?
The audited financial statements are attached to the Form 5500 as part of Schedule H for large plans. The filing is submitted electronically through the DOL’s EFAST2 system, and the audit report travels with it.
When is Form 5500 due?
Form 5500 is generally due seven months after the plan year-end. That deadline can be extended by two and a half months by filing Form 5558, which gives more room to complete the audit and file cleanly.
Does Modus prepare and file the Form 5500 itself?
Modus helps you get the audit that attaches to the filing and coordinates with your filing preparer or TPA so the schedules and financial statements reconcile. That coordination is a core reason Modus-supported filings tend to stay on schedule.
Why Modus
Audits at the speed of business
Modus helps you get a faster, higher-quality Form 5500 Audit & Filing Support — top-firm rigor, source-linked workpapers, and far fewer questions for your team.
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