Wednesday 03/23/2016

Your Employee Benefit Plan May Not Be Audited Correctly

Sheri Terens, CPA has information you may not know about the standards of EB Audits:

 

 

The Department of Labor requires that certain retirement plans be audited annually according to the auditing standards of the AICPA. These standards are designed to protect the retirement savings of millions of Americans. It is the responsibility of CPA firms to uphold the integrity of these standards.

You may think you have done your due diligence by getting an employee benefit plan audit, but you might not be in the clear. As the Department of Labor brought to the public’s attention in May 2015, there are many firms that provide these services but do not adhere to the necessary standards: in the DOL’s study, 39% of the audits had major deficiencies.

As a continued effort to meet the needs of our clients, we have developed an expertise in this specialized niche.  Our dedicated team has serviced a variety of industries ranging from small professional practices to large publically traded organizations.  Together we have performed hundreds of audits over various sizes of employers, ranging from thousands of employees to just over the one hundred mark requiring an audit.

We know that an employee benefit plan audit is a requirement. Like going to the doctor, it is something you have to do but don’t particularly enjoy.  However, our team likes to make it as unobtrusive as possible to your staff while providing value over and above the audit compliance work, such as recommendations to better plan operations and controls or consult with quality third party administrators in re-designing your plan to better fit the needs and goals of the organization.

Share this post: