Employee Benefit Plans

Do you have issues or concerns about your employee benefit plan audit? Contact us with questions as we understand that performing these audits require a specialized team of professionals, not audit generalists. We have an extensive and diversified employee benefit plan audit practice. Benefit plan auditors encounter issues related to employee labor laws, tax matters, as well as typical audit concerns. Our practice adheres to the highest practice standards. We are members of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan Audit Quality Center and attend their national training annually.

 

When is an Audit Needed?

The Employee Retirement Income Security Act of 1974 (ERISA) governs many aspects of employee benefit plans, especially pension or retirement plans.

 

Generally, federal law requires employee benefit plans with 100 or more participants as defined by ERISA to have audited financial statements attached to their Form 5500 filings. Smaller plans may also need to have an audit if they do not meet certain conditions exempting them from the audit requirement.  

 

 

  

The Internal Revenue Code (IRC) imposes requirements in order for an employee benefit plan to be a “qualified” plan. The Department of Labor (DOL) and Internal Revenue Service (IRS) are charged with the enforcement of ERISA and the IRC, and are continually updating and changing the rules and regulations that apply to employee benefit plans. It is more important than ever that the auditors you engage are experts in auditing benefit plans. Please click on our "selecting an auditor" link for tips on fulfilling this important fiduciary duty.