Sheri Terens explains what to consider during a merger or acquisition to make sure your employee benefit plan remains compliant. 

Employee benefits plans are necessary but can be complex, especially when mergers and acquisitions are in the picture.

When is an audit required?

The Employee Retirement Income Security Act of 1974 (ERISA) ensures that plan assets are protected by requiring fiduciary responsibilities.

Simply put, if your business offers 401(k), 403(b) or o Read More >>

Sean Brady, CPA shares some key benchmarks that may indicate it’s time for an audit:



“The times, they are a-changin’,” is not just a title of a well-known Bob Dylan song. It’s commonly indicative of why your organization may need an audit.

Audits are typically brought about by change, primarily a change in the stakeholders. To clarify, we are not talking about the “dreaded” IRS audit. Instead, we are talking about a f Read More >>

Rob O’Neil, CPA has some experience walking clients through an audit and can set your mind at ease:



While no one enjoys the prospect of being audited, it is important to always be prepared in the event that an audit takes place. There are known “red flags,” but anything can potentially lead to an audit by the IRS. I have had an instance where the IRS didn’t like the ratio of cash vs. credit sales based on the client’s industry, and on the other hand I’ve seen a simp Read More >>

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 bene Read More >>

According to Sheri Terens, CPA, a deficient employee benefit plan can have grave results:



An overwhelming amount of employee benefit plan audits are deficient, according to a new report issued by the United States Department of Labor (DOL). From a sample of 400 plan audits, 39% of the audits contained major deficiencies with respect to one or more relevant auditing standards. These deficiencies put plan assets and participants at risk.

Generally, the Emplo