If your business or organization has more than 100 employees or former employees participating in an employee benefit plan (EBP), you may be required by the Department of Labor (DOL) to engage an independent CPA firm to perform an ERISA audit of that plan. The key objectives of an employee benefit plan audit are twofold:
A determination must be made on whether the plan follows ERISA, DOL and IRS regulations and standards
Ensure plan trustees are meeting their fiduciary responsibilities
In addition to meeting compliance and reporting requirements, EBP audits are an opportunity to discover material weaknesses in internal controls. EBP audits position you as an effective steward of the plan’s financial resources by identifying opportunities to streamline plan benefits, features and operations.
401(k) Audit Services
Among the types of employee benefit and retirement plans requiring annual audits or compliance reporting activities are:
401(k) plans
403(b) plans
Defined benefit pension plan
Employee Stock Ownership Plans (ESOPs)
Health and welfare benefit plans
Master trust arrangements
Profit-sharing plans
Union-represented plans
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