Employee Benefit Plan Audits
With over 300,000 employee benefit plans covering more than 42 million workers, it's no wonder there is a spotlight on employee benefit plans.
Audits of Employee Benefit Plans have become increasingly complex due to many new regulations and the department of Labor has dramatically stepped up its enforcement activities looking for prohibited transactions, delinquent remittances and other ERISA noncompliance. The price of an employee benefit plan audit is a factor, but quality of the firm and the individuals performing the audit should be the primary factor. A quality audit is a vital protection to the fiduciary and the participants.
One of the most common causes of deficient plan audits is the auditor’s failure to perform tests in areas that are unique to employee benefit plans. A plan auditor should be experienced with benefit plan practices and operations as well as special auditing standards and Department of Labor (DOL) rules applicable to employee benefit plans. To assure quality employee benefit plan audits we dedicate a group of professionals that stay current with all ERISA, DOL, and Social Security Administration regulations and reporting requirements through specialized continuing professional education, DOL and ERISA conferences and other industry programs.